The market value of all of your taxable property (as established by the county assessor) is multiplied by 20 percent (the assessment level applied in Arkansas).  Multiply this assessed value by the millage rate established for your jurisdiction.

School millage is set by election each September.  The governing bodies establish county general, county road, and city general millage in November.  Other millage such as library, and firemen's pension millage are established by election, levied in November of each year and will carry forward as long as the purpose exists.

One of two things can lead to a tax increase; your property value increased or the millage rate levied in your jurisdiction was increased.

The property has to be the principal place of residence for the tax payer.  He/she must be either an owner, purchaser under a recorded contract to purchase, holder of a recorded life estate, or a person that has formed a revocable trust that owns the property.  Residing in a nursing home does not disqualify a person from the benefits of this provision.

Arkansas law makes it the assessor's responsibility to physically inspect property to determine what is there that gives it value.  A. C. A. 26-26-910 (b)(1).

The deadline for assessing all types of personal property is May 31.  Assessments filed after this date will include a 10 percent penalty.