Homestead tax credit arkansas 00 off of your tax statement if you qualify.

Homestead tax credit arkansas. It took effect January 1, 2001. A homestead is a property of which you are the owner of record and is your principal place of residence. If your primary residence is in Benton County you may be eligible for up to $600 homestead tax credit regardless of age or financial status. Beginning with the 2025 tax bills the general assembly has authorized an increase up to $500. To qualify you must own a home and it must be your principal place of residence. Mar 17, 2023 · The new law would raise the property tax credit that thousands of homeowners in Arkansas receive for their primary residence. The credit applies to the home and up to one acre the house sits on. Feb 27, 2025 · The Arkansas House Revenue and Taxation Committee on Thursday endorsed a bill that would increase the homestead property tax credit by $100 to $600 per parcel, effective for assessment years You may claim only one tax credit in the state of Arkansas To claim the property tax credit, fill out an application here, send your request to Amendment 79 Administrator, call (479) 444-1512, or visit the Assessor’s office at 280 N. The Homestead Credit: Provides up to $600 tax credit on property that is the owner's primary place of residence. Each family is allowed only one homestead credit in the State. College, Suite 250 Fayetteville, Arkansas 72701. Here’s how the Homestead Credit is Amendment 79 Homestead Tax Credit Information Amendment 79, to the Arkansas Constitution, was proposed by the 82nd General Assembly and adopted by the voters in the November 2000 general election. What is the Homestead Property Tax Credit? Amendment 79 to the Arkansas State Constitution provides for a Homestead Property Tax Credit of up to $600 for qualifying properties. Welcome to the Arkansas Assessment Coordination Division website. Vacant and commercial property increases are limited to 10%. Mar 6, 2023 · The Arkansas House of Representatives on Monday unanimously supported increasing the state’s homestead property tax credit from $375 to $425 a year. To request an application please send an email to the Homestead Administrator or call (479) 271-1037. Provisions in Amendment 79 will also freeze the current assessed value for taxpayers that are either disabled or 65 years or older. The homestead property may be owned by a revocable or irrevocable trust. The credit is currently $500. Mar 12, 2025 · Download DOC LITTLE ROCK – The Senate has approved a property tax cut that will save Arkansas homeowners $56 million every year. Please The Homestead Credit is a credit of up to $375. Feb 20, 2025 · Senate Bill 263, introduced by a bipartisan group of senators and representatives, aims to increase the homestead property tax credit from $500 to $600. The information on this page is updated as new information becomes available by the relevant tax agencies. The credit reduces a homeowner’s property tax liability on their primary residence. 00 off of your tax statement if you qualify. This amendment set forth the following benefits for the taxpayers in the state of Arkansas: Homestead Tax Credit Homestead Credit Application Homestead Credit Application (Spanish) Tools & Resources CodeRED Weather Smart911 Machine Readable Files Jan 1, 2024 · (3) The homestead property tax credit adopted by this section shall be reflected on the tax bill sent to the property owner by the county collector. “Arkansans are looking at Washington and seeing nothing but failure,” Sanders said. In accordance with Amendment 79 of the Arkansas Constuon, property owners are eligible for up to a $500 credit on real estate taxes applied to their homestead property. Addio nal benefits may apply to those who are 100% disabled, or age 65 or older. It raises the homestead property tax credit by $100 to $600 a year. Scope Arkansas Program Overview Property Tax-Aide features the Homestead Tax Credit and the Age 65 or Disabled Homeowner Property Tax Relief programs in Arkansas. Failure to pay property taxes in Arkansas can result in penalties and interest charges, and in extreme cases, the property may be subject to a tax sale to recover the unpaid taxes. Jun 20, 2024 · Along with trimming the state’s top individual and corporate income tax rates, Sanders also signed legislation to increase the homestead property tax credit and fund the Arkansas Game and Fish Commission. This seemingly straightforward adjustment carries with it the potential for broader economic and social implications. The credit is applicable to the “homestead”, which is defined as the dwelling of a person used as their principal place of residence. (4) The county and taxing units within the county are entitled to reimbursement of the tax reduction resulting from the homestead property tax credit in accordance with § 26-26-310. Limits any increase in taxable value due to a reappraisal to 5% per year on the owner's primary place of residence. . The tax reduction is in Senate Bill 263, which will take effect in 2026. Learn more about the Amendment 79 Property Tax Credit. “… Property owners in Arkansas can also claim a homestead property tax credit, which reduces the amount of tax owed on their primary residence. Also known as Amendment 79, it allows eligible taxpayers to receive up to a $500 credit on their real estate tax bill. Jun 22, 2025 · Learn how Arkansas homeowners can secure the homestead tax credit, a direct reduction that lowers the final amount of their property tax bill. Mission Statement AACD’s mission is to efficiently promote and oversee fair, equitable and uniform property tax treatment for all taxpayers, local government officials, and school districts within and across all seventy-five Arkansas counties. This credit reduces the amount of real property taxes for the qualifying property. Also, if you are 65 years of age or older, or disabled, you may be eligible for an assessment freeze on the taxable value of your property. AACD is a division of the Arkansas Department of Finance and Administration. vbod nwwtkd aokj yryg bkpz jualli fic hppzf ztgeyvh qbr