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?
Correct Answer
B) $1,800
Arkansas assesses real property at 20% of true market value. The assessed value is $180,000 x 20% = $36,000. A 50-mill rate equals 50 / 1,000 = 0.05. The annual tax is $36,000 x 0.05 = $1,800, so choice B is correct.
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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?
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