Personal Property and Business Personal Property

Arkansas law requires that all property owners assess their personal property, and their business personal property (if applicable) between January 1st and May 31st of each year. State law also places the assessment level at 20% of current market value. For additional information relevant to the State of Arkansas, visit the  Assessment Coordination Division of the Arkansas Department of Finance and Administration.


Assessing Personal Property

 
What to Assess:
 
              How to Assess:
  • Vehicles
  • Boats
  • Trailers
  • ATVs
  • RVs
  • Aircraft
  • Livestock
  • Motorcycles

If you need to add a new vehicle or remove one you may fill out the online form, email, fax, or bring in the title and/or bill of sale. As residents buy, sell and trade vehicles and residents move into, out of, or within the county, they need to notify the Assessor’s Office of these changes as they occur.


Assessing Business Personal Property

 
What to Assess:
 
              How to Assess:
  • Vehicles
  • Furniture
  • Fixtures
  • Equipment
  • Inventories
  • Supplies
  • Livestock
  • Machinery
  • Farm equipment and machinery
  • *Exceptions- any leased property

215 E Central Ave

Bentonville, AR 72712

Business assessment forms are sent by mail to known businesses within the county. If you are a new business or an existing business and have not received an assessment form by the end of January, please contact the business office at 479-271-1087.

New Business Information

If you have opened a new business in Benton County you can submit your information online by clicking HERE. We will set up your account and mail your business assessment forms each January.

Business Statutes:
Business Assessment Information and Statutes

Depreciation Schedule:
Business Personal Property Depreciation Schedule

Example Business Assessment Forms:
Commercial Office Example

Retail Example

Business Personal Property FAQs:
Click Here for FAQs

Late Assessment Penalty Information:

All businesses and residents (exempt and non-exempt) are required to report their personal property assessment each year before May 31. After May 31, a 10% penalty will be applied to late assessments, regardless of exempt status. Penalty is based on 10% of the assessed value (on all assets not assessed). The purchase price (or state value, whichever is used) less depreciation, multiplied by 20% gives the value. That value multiplied by 10% gives you the penalty. EXAMPLE: Purchase price = $5,000 less depreciation (1,100 depends on asset) = $3900 x 20% (assessed value) = 780. 780 x 10% = 78 penalty. This is not dollars. It is 10% of the assessed value. To relay this into dollars take the 78 multiplied by the school district millage rate where the item is kept (example is .0527). 78 x .0527 = $4.11.


Questions regarding your tax bill?

The Assessor does not levy taxes. Instead, please check the:

 Collector’s Office
Frequently Asked Questions

Go to frequently asked questions:

 How Do I / FAQ
Questions regarding Personal Property?

Contact the Assessor’s Office:

 (479) 271-1033