BENTONVILLE, Ark. — Bentonville residents will be voting on how they want to allocate the current 48-millage school tax rate this November. A mill is equal to one dollar of property tax for every one thousand dollars in property value.
A vote for the measure will allocate 25 mills for general maintenance and operations of Bentonville schools, 2 mills for purchasing school buses, and 21 mills for debt services. If voters decide against the measure, it will stay the same.
"The millage rate is on the ballot by law every year," Dr. Janet Schwanhausser, CFO for Bentonville Schools said. "If our voters approve the millage, it will stay the same for the remainder of the year. If they decline the millage, it will also stay the same for the remainder of the year."
However, voters should be aware the recent Benton County reappraisal and change in the property value of the school district is something they will not see on the ballot.
The county-wide reappraisal found the Bentonville School District’s property value increased from $2.7 billion to $3 billion, triggering a rollback in the millage rate.
"Before the rollback, we're at 48 mills," Schwanhausser said. "25 mills are required by the state for every school district in the state of Arkansas. 2 mills in Bentonville are dedicated to technology, transportation, and maintenance, and then we have additional mills that are for debt service."
The Bentonville School Board unanimously approved the rollback at a meeting on Oct. 22.
Now, the millage rate will be 46.8 mills, meaning homeowners will see a lower property tax next year. Residents will see this change in the property tax bills issued in spring 2025.
"If you live in a home that is valued at $250,000 the rollback will have an impact of $60 less on your tax bill," Schwanhausser said. "If you have a house that is valued at $500,000, then it would be $120 annual difference on your tax bill."
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