How Do I / FAQ
- Receiving your tax bill – Benton County Collector – (479) 271–1040
- Proof of payment of your taxes – Benton County Collector – (479) 271–1040
- Checking your personal property assessment – Benton County Assessor’s
Personal Property Division (479) 271–1033
- Checking your real estate assessment – Benton County Assessor’s Real
Estate Division (479) 271–1037
In some cases the answer would be no, in addition, surviving spouses and minor dependents of disabled veterans may not be required to pay those property taxes. For more information contact the County Collector’s Office.
Real Estate FAQs
Amendment 79 to the Arkansas State Constitution provides for a Homestead Property Tax Credit of up to $425 for qualifying properties. This credit reduces the amount of real property taxes for the qualifying property. For the property to qualify, it must be the homeowner’s primary and principal place of residence. Under no circumstances may a property owner claim more than one (1) homestead property tax credit per calendar year. For questions about the tax credit, please call our office at 479-271-1037, and ask to speak with the Homestead Department.
The property has to be the principal place of residence for the taxpayer. He must be either an owner, purchaser under a recorded contract to purchase, holder of a recorded life estate, or a person who has formed a revocable trust that owns the property. If you meet these requirements you will find more information on the forms page.
No. Amendment 79 provides that the tax credit will be for up to $425. If your taxes are lower than $425, the credit pays your full tax bill, but nothing more.
The Freeze does not freeze your taxes, it freezes your Taxable Value. When you reach the age of 65 (or if you are older) you qualify for a Freeze. This also applies if you are on Social Security Disability. Simply supply us with a copy of your driver’s license or birth certificate for verification of age. If you are disabled, a copy of your Medicare card or Award letter from Social Security will work as verification. You will not lose the Freeze unless you add on to your home. At that point the Freeze will be removed and reapplied at the new value. The taxable value will be frozen but if the millage rate changes your taxes can also change.
Amendment 79 caps the assessment on a person’s principle place of residence once he or she is 65 years of age. It does not cap taxes. Even if someone’s assessment does not increase, his or her taxes will if there is a millage rate increase in the city, county, or school district where he or she resides.
Arkansas law makes it the assessor’s responsibility to physically inspect property to determine what is there that gives the value. A.C.A. 26-26-91(b)(1) states: “For the purpose of enabling the assessor to determine just and equitable values of property, he is authorized, and it shall be his duty, to enter upon and make such personal inspections thereof as he shall deem necessary.”
No. Interior inspections of residences are not required.
The ACD Rules and Regulations require all real estate improvements to be listed on the property record card. That includes any improvements that are deemed to have no contributory value. Dimensional elements of NCV (no contributory value) improvements are optional.
The appraised value of your property for ad valorem tax purposes is based upon current market value. Market value is the most probable price that a property would bring if exposed to the open market for a reasonable period of time. It is the price that a willing buyer and a willing seller would agree upon under usual and ordinary circumstances in the open market.
Personal Property FAQs
To add an item to the assessment, you will need to bring in the title and/or the bill of sale or you can click here to assess online Assess Online. We can assess you with just the bill of sale, if you haven’t gotten the title yet.
You need to assess your recent purchase within 30 days to avoid possible penalties. That is 30 days from the date of purchase, not when the dealer gets you the title.
Values are based on market research by the state of Arkansas.
The deadline for assessing all types of personal property; including exempt property is May 31st. Assessments filed after this date will include a 10% penalty.
Business Personal Property FAQs
All assessments should be in our office by the end of the business day May 31st of each year.
Yes. Since your business was opened prior to May 31st, it will have to be assessed for the current year.
The business or businesses you lease equipment from are responsible for assessing the equipment unless your lease agreement states that you are responsible. We request that you submit a copy of the leased equipment agreement with your assessment and we will notify the leasing company. Knowing you lease some items will assist the auditors should they review your assessment.
It is calculated by taking the previous year’s total inventory and dividing it by 12. This will be the monthly average inventory value that will be entered in Section G-Inventory and Supplies, line 3 of the assessment form.
If you do not manufacture a product you do not have to worry about the Manufacturers Inventory Report section. If you do not sell anything in your business, go to line 2 of the Inventory and Supplies Section. This is where you submit your average monthly supply amount (which the majority of businesses will have) for the previous year. Supplies are what are needed to run the day to day operations of your business such as — your paper products, toner cartridges, office supplies, etc.
Taxes are due October 15 of each year and you are able to begin paying the first business day in March of each year. In Arkansas we pay taxes one year behind. For example, you will receive a bill for your 2022 assessment in 2023.
Yes, there is a 10% penalty.
Arkansas law requires businesses to assess any personal property used in and by the business.
You would add it to the current year’s assessment. You are to assess what you own as of May 31st. If you have already assessed for the year prior to the purchase, you should submit an amendment listing the item.
No, you may assess different property types on a schedule that fits your business’s needs, as long as they are all assessed before May 31st to avoid a late penalty. An example of this is a business that might need to assess their automobiles at the start of the year, but need to wait to submit the rest of the assessment 2 months later.
Yes. Home-based businesses are not exempt from taxation under Arkansas law.
Yes. Arkansas law specifies that once an item purchased for personal use is used for business purposes, it is considered a business asset and is taxable as such.
List the current year with an estimated market value in its current condition.
If you are unable to remember the year of purchase or purchase price of a business asset, provide the information to the closest approximate year or purchase price.
Yes. You will need to report your beginning inventory/supplies that you opened with. Next year you will report your monthly average from the previous year.
You will need to report your business assets and your average monthly supply amount. This would be things such as cleaning products, paper products, office supplies, etc. used in your business.
Inventory does not only consist of what is kept in a warehouse. If you mark up the products you are selling or the materials you are installing, it should be counted as inventory (at your cost).