Property Assessment Taxes to Be Lowered on Northwest Arkansas Properties

It was announced this morning that Benton County Judge Dave Bisbee called a special session for members of the Equalization Board on Monday. According to the Daily Record, Bisbee is quoted as saying, “I was out on the campaign trail at the same time as Mr. Moutray (county property assessor) this summer, and to say that it got a little ugly from time to time about property taxes would be an understatement”.

Property assessments were mailed out on July 1, 2008 and owners were displeased when they found that their property had increased in value, amid a housing crisis and economic recession. Per Arkansas state law, assessments are made on a three-year reappraisal cycle. This year’s assessment is following good sales years, not the sales data of a down market year like 2008.

Moutray and Bisbee are asking the Equalization Board to reassess, or perform a devaluation, of residential properties to reflect 2008 home sales. The move was recommended by an University of Arkansas economist and Bisbee met with Area school officials and mayors as well as the Arkansas’ Assessment Coordination Department. All groups are all in agreement that lowering the values must be done. Bisbee claimed, “We owe the taxpayers of Benton County to do this because we know that the market has declined”. The move will affect 85,000 land parcels in Benton County. All devalued property will be residential, commercial property will not be considered.

The following decreases are to take place:

• Northeast Benton County - 6% decrease (including Gateway, Garfield, Pea Ridge and Avoca)
• Northwest Benton County – 3% decrease (including Sulphur Springs, Gravette, and Decatur)
• Southwest Benton County – 2% decrease (including Siloam Springs, Gentry, Springtown, Highfill)
• Southeast Benton County – 4% decrease (including Cave Springs, Lowell, Bethel Heights, Springdale, Elm Springs)
• West-central Benton County – 4.5% decrease (Bentonville and Centerton)
• East-central Benton County – 5% decrease (Rogers and Little Flock)
• North-central Benton County – 3% decrease (Bella Vista)
• Beaver Lake – 2% decrease

Changes will be mailed out starting July 1st.

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