A county assessor in Arkansas appraises a residential property at a true market value of $250,000. Which of the following correctly states the assessed value of this property for property tax purposes?
Correct Answer
B) $50,000, because Arkansas assesses property at 20% of market value
Arkansas law (Ark. Code Ann. § 26-26-101 et seq.) mandates that real property be assessed at 20% of its true market value. $250,000 × 20% = $50,000. The millage rate is then applied to this $50,000 assessed value to determine the annual property tax.
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In Arkansas, real property is assessed for property tax purposes at what percentage of its true market value?
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A home in Pulaski County, Arkansas has a true market value of $180,000. The total millage rate for the property is 50 mills. What is the annual property tax owed on this property?