Property Taxes Rise Following Reappraisals

Many local property owners are receiving notices from their county assessors showing an increase in their upcoming property tax payments. These higher bills are the result of mandatory real estate reappraisals.

Under a state law passed in 2023, every county must evaluate all real estate at its current market value at least once every four years. Five counties in north-central Arkansas completed their required reappraisals this year, including Baxter, Marion, Izard, Stone, and Boone counties. Local officials state that the higher appraised property values stem from a massive jump in home prices over the past four years. Assessors also attribute the rising values to a large influx of new residents moving into the region, which has driven up the local housing market.

The percentage increases vary significantly by county. In Baxter County, property values rose by 31 percent, which officials note is conservative compared to surrounding areas. Neighboring counties saw much larger spikes, with Marion County increasing by 54.7 percent, Izard County by 55 percent, and Stone County by 56 percent.

Fortunately, homeowners will receive some financial relief. State Amendment 79, which was previously approved by voters, places a legal cap on how much a property's taxable value can increase following a county-wide reappraisal. Additionally, property owners who disagree with their new valuations have the right to go through an official appeals process to dispute the changes.The tax increases listed on the recently mailed notices will not be due until the 2027 tax cycle.

Residents with questions or those wishing to start an appeal are encouraged to contact their local county assessor's office for more information.

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