BENTON COUNTY, ARKANSAS, Ark. — Each county is required to complete a county-wide reappraisal every five years to adjust real estate values to reflect current market conditions, and it's happening soon in Benton County.
Every real estate parcel will be appraised and valued as of January 1, 2021. Property owners will be notified by mail in July 2021.
Benton County Communications Director Channing Barkert’s said it is important to know that although each parcel will be reappraised, not all property values will automatically change.
What does this mean for property owners?
The appraised value is market-derived. Properties located in appreciating market areas and/or neighborhoods may go up in appraised value, while other properties may stay at the same appraised value. Some may even decline in appraised value, depending on what the market data indicates for the specific neighborhood.
A property’s value can change for many reasons, including a change in the physical characteristics or a change in the use of the property. However, the most frequent cause is a result of current market conditions. With the magnitude of new development and demand for property in Benton County, property prices and values have been steadily increasing, so there’s a good chance many property owners will see their appraised value increase.
However, this means the investment in the home has grown. Property owners will be notified of their updated 2021 appraised value by U.S. Mail. All notices will be sent out no later than July 15, 2021.
How do I protect my investment from large increases?
Amendment 79 or Property Tax Relief protects property from large value increases in the real estate market. This puts a limit on how much a taxable assessed value can go up each year. For example, even if the market value of a home has doubled since the last value change in 2016, the taxable assessed value can only increase by a maximum of 5% for homestead property and 10% for non-homestead property. This may limit the increase in your property tax.
if you have applied for the over the age of 65 years old or disabled freeze, your taxable assessed value is frozen and won’t increase unless a property owner made substantial changes to your property since the last reappraisal.
How can I appeal my property value?
As always, property owners have the right to appeal their property’s value to the Benton County Board of Equalization if they do not agree with the appraised value of their property. The Board of Equalization is an independent and autonomous body consisting of nine Benton County property owners. It’s important to remember, an assessment appeal is not a complaint about higher taxes. It is an attempt to prove that the property’s appraised market value is either inaccurate or unfair.
When the property owner receives the real estate value change notice in July 2021, there will be instructions about deadlines and filing procedures for the Board of Equalization. Please read the notice carefully. A missed deadline or incorrect filing can cause an appeal to be dismissed. To appeal your property value, please follow the steps on this website.
