FAQ Category: Real Property Questions

Assessment Process (PDF)

Contact the State Land Commissioner’s office at (501) 324-9222 or on the web at https://cosl.org/

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.

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.

The AACD 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.

No. Interior inspections of residences are not required.

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.”

When fire or structural damage causes a property to become structurally unsound, the appraised value may be affected.  A field inspection of the property is required to determine the extent of the value impact.

The market value of your property is not affected by the general maintenance of your property.  Repairs (such as a new roof, fresh paint or landscaping neither add nor detract from the property value for assessment purposes.  While these types of repairs can be costly, they are considered to be normal maintenance expenses that all properties incur over time.

Our appraisal company will inspect all properties to ensure that our records reflect actual property characteristics.  They will then review and verify market sales and study cost and income data.

They will then complete a market analysis using Computer Assisted Mass Appraisal (CAMA) software system by comparing properties of similar size, age, location and description.  Finally, they will establish reappraisal values that reflect current market conditions as of the lien date for real property (January 1) of the appropriate reappraisal year.