Homestead Exemption in Arkansas
information is compliments of
The latest amendment to the Constitution of the State of Arkansas in 2000 was passed allowing for Homestead Exemption on Real Estate Taxes up to $350.
|Homestead Exemption on Real Property|
A homestead exemption on real property is available after residing in and owning your personal residence for six months. Only 1 acre of land is exempt under the Homestead Act. The first $300.00 of Real Property Taxes are exempt from taxation.
Question: I'm turning 65 in July, does that mean that my property taxes won't go up this year?
Amendment 79 caps the assessment on a person's principle place of residence once he or she is 65 year's of age. There are really two things to address in this question.
First, Amendment 79 does not cap taxes. Even if someone's assessment does not increase, his or her taxes will if there is a millage rate increase in the city, county or school district where he or she resides.
Second, the time of someone's 65th birthday is important because it is
his or her age on January 1 that determines whether he or she is eligible
for a capped assessment.
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