WASHINGTON COUNTY, AR – ” As if 2020 hasn’t been difficult enough,” Russell Hill is the Washington County Assessor and he says it is time again for the county to reappraise every piece of property in the county. “Despite our best efforts to postpone it, state law would not allow it.”
The law in question is Act 1185 of 1999 requires that all Arkansas counties must reappraise a minimum of 3 to 5 years based upon the amount of growth in market value within in that county. The purpose of Act 1185 was to avoid excessive increases in property taxes due to the long periods between reappraisal cycles and to ensure that all counties were reappraising properties in a similar fashion and on a related time schedule. Washington County had previously been on a five-year cycle but will switch to a three-year cycle in accordance with State law. The previous reappraisal in Washington County was January 1, 2015. The most recent reappraisal in Washington County was effective as of January 1, 2020. Next reappraisal will be January 1, 2023.
So what does this mean for the residents of Washington County? “We will be reviewing all the real estate property in the county and adjusting the value to reflect the current market conditions. If you own property in Washington County, your investment has grown. Since our last reappraisal in 2015 property values have increased substantially. That’s good news for your pocketbook. You may see an increase in your property taxes, but I have more good news, your property’s value is protected. Amendment 79 also referred to as the Homestead Credit, protects you from drastic increases in the real estate market. Your primary residence can only increase 5% each year until it reaches the current assessed value. And homeowners aged 65 or older or fully disabled, your value will remain frozen. Investment and commercial properties will be capped at 10% per year.”
“Your property taxes are reinvested in your community. They fund your schools, city and county government, roads library and emergency services which help to maintain your properties value.”
Visit myvalue.org for further information.