Frequently Asked Questions

Find answers to the most frequently asked questions here. Please contact our webmaster if you have an idea for a FAQ, and we will consider it!
  • Amendment 79 FAQ's


    Q: How does the Amendment 79 Tax Credit work?
    A:
    Amendment 79 provides a tax credit for property owners on their homestead (your primary residence) property. There are only two requirements for eligibility:
    1. The property is your primary residence.
    2. You are the owner of record.
    The credit is itemized on your Real Estate Tax bill as a credit toward the amount of your taxes due.
    Q: If my assessment is frozen (because I am over 65 and I applied for the value freeze), do I still get the Amendment 79 Tax Credit?
    A:
    Yes
    Q: Will I receive a refund check?
    A:
    No. Amendment 79 is a CREDIT which is applied to your Real Estate Tax bill.
    Q: I only received the tax credit on one of my properties. What about the other properties that I did not receive a tax credit on?
    A:
    You are only eligible to receive the credit on your primary/homestead property, and only on one property per taxpayer.
    Q: I just found out about the Amendment 79 Tax Credit. I do not understand why I cannot receive the credit for all of the years I missed and why it was not automatically applied to all homeowners?
    A:
    First we need to verify that the property that you are applying to receive the credit on is your primary / homestead residence. Arkansas State Law requires that all homeowners must apply to be declared eligible and to receive the credit, and the homeowner’s signature is required to process the application. All applications must be submitted by October 10th on any given year to receive the credit for that year.

    The tax credit is not automatically applied to all homeowners because it is a voluntary tax cedit.
    Q: Do I have to reapply every year?
    A:
    No. Once you have applied for and received the credit, you do not have to reapply each year. The only time that you would need to reapply for the credit would be when you change your primary place of residence (i.e. sell your house and buy a different one).
    Q: Where do I put the Amendment 79 Tax Credit on my income taxes?
    A:
    You do not put the tax credit on your income taxes.
    Q: What does “I am buying on a land contract” mean?
    A:
    A land contract is a Purchase Agreement between the Seller and the Buyer. The Seller carries the note (no bank is involved) and the Buyer makes payments directly to the Seller. The Buyer does not receive the deed from the Seller (which would grant the Buyer ownership of the property) until the Seller has received the final payment, which satisfies the Buyer’s financial obligation to the Seller. In our records, ownership is not transferred until we receive a deed. The Buyer of a land contract arrangement may instead apply for the tax credit if the Purchase Agreement has been filed and recorded in the Circuit Clerk’s Office.
    Q: How are my taxes calculated in relation to Amendment 79?
    A:
    Amendment 79 provides a cap on how much an assessment can be increased. A homestead (primary residence) can only be increased by a maximum of 5% per year. All other property assessments can only be increased by a maximum of 10% per year. Exceptions to this would include physical changes to your property (such as a new addition or a new outbuilding).


  • Business Personal Property FAQ's


    Q: What is Business Personal Property?
    A:
    Any asset(s) that are owned by a business, such as vehicles, furniture, machinery and equipment.
    Q: Who has to assess?
    A:
    Any business owner who operates a business and who holds personal property used in the course of operating said business.
    Q: What is the assessment lien date?
    A:
    The assessment lien date is May 31st of each year.
    Q: My business opened in March. When do I assess?
    A:
    By May 31st of the current year.
    Q: If I do not assess by May 31st, what happens?
    A:
    A late penalty of 10% is added to your assessment. This percentage is set by state law.
    Q: Do I assess my leased copy machine?
    A:
    No. The owner of the equipment is responsible to assess it with our office.
    Q: When can I assess my business?
    A:
    You can assess your business anytime between January 2nd and May 31st.
    Q: How do I appeal my value?
    A:
    By making an appointment during the appeal period in the month of August and meeting with the Board of Equalization.
    Q: When will I get my tax bill?
    A:
    In March of the following year.


  • Personal Property FAQ's


    Please Note: Arkansas law requires that all personal property (cars, trucks, SUV's, motorcycles, recreational vehicles, trailers, boats, airplanes, etc…) must be assessed by May 31st of each year. Assessing is easy! Either click on the link above for online assessing or call one of our helpful Deputy Assessors at (501)676-6938. Make sure that you have a list of the make, model and VIN number (or serial number) for each item that you own.

    Q: How is property assessed?
    A:
    The Lonoke County Assessor sets the value for the county, according to the valuation tables that are mandated by the Assessment Coordination Department for the State of Arkansas. Taxes are then calculated by taking 20% of market value (assessed value) and multiplying that by the local tax rate.
    Q: What if I buy a car in the middle of the year?
    A:
    If you purchased the car before the deadline for assessing (MAY 31st) then it must be assessed by MAY 31st to avoid the 10% PENALTY FEE for a late assessment. Vehicles purchased in May have 30 days from the date of sale to assess without a penalty.
    Q: What if I sell my car in the middle off the year?
    A:
    Property sold or disposed of prior to MAY 31st will be removed from assessment. We may require proof of disposal, a bill of sale or an insurance report. If you sell or dispose of property after MAY 31st it will remain on your assessment for the rest of the year.
    Q: What if I move to another state?
    A:
    If you move before MAY 31st, please contact our office and we will delete your assessment. We may require proof, like an out of state vehicle registration. If you move after MAY 31st, you still owe property taxes in Lonoke County for that year.
    Q: Who is exempt from paying property taxes?
    A:
    Military personnel are exempt if they can provide proof of non-residency. This can be established by showing a current Leave and Earnings (LES) with a non-resident code. Disabled Veterans (DAV) are also exempt from payment BUT NOT FROM ASSESSMENT. Please contact the Lonoke County Treasurer at (501) 676-2333 to see if you qualify for an exemption.


  • Real Property FAQ's


    Q: What is Appraisal?
    A:
    An appraisal is an opinion of market value as of a specific date.
    Q: How are appraised values established?
    A:
    Your property value is based on these two key factors:
    1. Your property’s current use (such as home, business, unimproved land, etc...).
    2. Your property’s characteristics: Location, Improvement Size (Total Living Area), Age (Effective Age of Property), Quality of Construction and Amenities (such as bathroom count, garage, carport, view, etc…).
    Q: How do appraisers determine the market value of my property?
    A:
    Our team of Level 4 State Certified Appraisers 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 our 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.
    Q: How does the general maintenance and condition of my property influence its value?
    A:
    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.
    Q: How will structural damage to my property influence its value?
    A:
    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.
    Q: What do I do if I disagree with my property’s appraised value?
    A:
    Please check out our Online Appeals link. For information on property tax relief, please check out our Amendment 79 FAQ's.

    Please Note: It is important to remember that buyers and sellers in the market establish market value, not the Assessor. The Assessor merely compares the verified sales to properties of similar size, age, location and description to complete the evaluation process. This ensures that property values reflect current market conditions as of the appropriate appraisal date.


© 2017 Lonoke County Assessor