In Arkansas, homeowners can take advantage of the Homestead Property Tax Credit, which is designed to provide property tax relief on their primary residence. This credit offers up to $500 per year in property tax savings.
Eligibility Criteria
• Primary Residence: The property must serve as your primary place of residence.
• Ownership: You must be the legal owner, a buyer under a recorded sales contract, or hold a recorded life estate on the property.
• Single Claim: Each homeowner is allowed only one homestead credit statewide.
Additional Benefits
• Reappraisal Limits: For primary residences, increases in taxable value due to reappraisals are capped at 5% annually. For vacant and commercial properties, the cap is 10% annually.
• Assessment Freeze for Seniors and Disabled Homeowners: Homeowners whom are 65 years or older or disabled (as defined by Social Security Administration standards) qualify for a freeze on their property’s taxable value, preventing increases due to reappraisal.
Application Process
To receive the Homestead Credit, homeowners must notify the Assessor’s Office in the county where their primary residence is located:
Washington County Residents
• Online Application: Complete the Homestead Credit Application online.
• In-Person Application: Visit the Assessor’s Office at 280 N. College Ave., Suite 250, Fayetteville, AR 72701.
• Contact: Call (479) 444-1512 for assistance.
Benton County Residents
• Application Request: Email the Homestead Administrator or call (479) 271-1037 with your name and property address.
• Mailing Address: Submit forms to Benton County Assessor’s Office, 2109 W Walnut St, Rogers, AR 72756.
By applying for the Homestead Property Tax Credit, homeowners in Northwest Arkansas can significantly reduce their annual property tax burden while securing long-term protections for their primary residence.
Sources: https://www.washingtoncountyar.gov/ & http://bentoncountyar.gov/