Arkansas law, specifically A.C.A. § 26-26-1902(b)(1), mandates that each county is required to appraise all real estate at its current market value at a minimum of every three (3) years to reflect current market conditions. Our last county-wide reappraisal occurred in 2021, with our next reappraisal scheduled for 2024. In the upcoming county-wide reappraisal, every real estate parcel will be valued as of January 1, 2024.
A property’s value can change for many reasons, including a change in the property’s physical characteristics, or a change in the use of the property. However, the most frequent cause is a result of current market conditions. With all of the new development and tremendous demand for property in Benton County, many property values are on the rise. The good news is this means the investment in your real estate has grown. However, it’s important to remember that although every parcel will be reappraised, not all property values will automatically change. The appraised value is market derived and properties located in appreciating market areas and/or neighborhoods may go up in appraised value, while other properties may stay at the same value and some may even decline in value, depending on what the market data indicates for the specific neighborhood or market area.
The Benton County Assessor is conducting an on-site county-wide reappraisal as mandated by state law, specifically, A.C.A. § 26-26-1902. Appraisers will be in a county vehicle and will visit every real estate property in the county. For improved properties, they will be wearing identification badges and will identify themselves at the door prior to verifying physical characteristics of any building improvements on the property including the outside measurements. They will not require or request access to the interior of the building improvement.
We will be adding newly constructed building improvements and any substantial modifications or additions to existing properties to the assessment rolls for assessment year 2023.
Business Personal Property
Deputy Assessors will be visiting businesses throughout the year. They will be in a county vehicle and will be wearing identification badges. They will be verifying data submitted by the business owner in prior year assessments, discovering new and closed businesses, explaining the business personal property assessment process and requirements, and taking exterior photographs of the building.
The Assessor’s Office wants to remind property owners that Amendment 79 to the Arkansas Constitution, also known as Property Tax Relief, provides benefits for properties that are the principal residence of the property owner. These benefits include a Homestead Tax Credit, annual assessment caps, and a freeze in the taxable assessed value of a homestead property for owners over 65 years of age or permanently disabled. It is the responsibility of the homeowner to apply for the Homestead Tax Credit, and to update the application when you turn 65 or become disabled.