Pulaski County has completed its first countywide property reappraisal
since 2012 and this week began mailing notices of the new values placed on real property for tax purposes.
Joe Thompson, chief deputy in the assessor's office, said the appraisal produced a lower value on 51 percent of the roughly 175,000 taxable parcels of property, higher
value on 47 percent and no change in 2 percent. NOTE CORRECTION: I reversed the 47 and 51 figures in the original post.
Those who choose to contest the appraisals have until the third Monday in August to ask for a hearing before he County Equalization Board.
Those 65 and older and the disabled enjoy a freeze on the current rate of taxation on primary residences. Also, for those who experience an increase in value, the tax increase is capped at 5 percent of the rise per year on a primary residence until the new valuation is reached. The cap is 10 percent on property that is not a primary residence.
Appraised value is theoretically the market value of a piece of property. The assessed value for tax purposes is 20 percent of that amount. So, a house with an appraised value of $100,000 would be assessed at $20,000 for tax purposes. In the Little Rock School District with 70.1 in combined tax millages, that means taxes for city, county and school purposes cost about $1,400 per year.
You can, by the way, look up every parcel in the county
and find appraised and assessed value along with photos and home footprints.
UPDATE: Thompson ran some numbers for me on the impact of the reappraisal in dollars.
He said the assessed value of property in Pulaski County had increased by 13.5 percent, or by $779.7 million. But, because of the various circuit breakers, the increase in taxable value was $194 million or 3.6 percent. That means a corresponding increase in overall tax bills. But the percentage might vary by taxing entity. The effective value rose in the Little Rock School District, for example, by 4.9 percent from 2016 to 2017.