Cover Image: Arkansas State Capitol Building
Homestead tax credit increase for Arkansas homeowners
By Janae Cook, AR Realtor, Taylor Realty Group HSV
Homeowners in Arkansas are now eligible to receive a homestead tax credit of $425.00 per year. The tax credit was previously $375.00
The increase takes place for the 2023 tax year and is the first change since 2019. The homeowner is defined as an individual who holds title to real property. The tax credit applies to the primary residence of a person or family and is designed to help to offset property tax liability.
For homeowners already signed up for the homestead tax credit, the increased credit will be automatically applied by the tax assessor’s office, and homeowners will notice the change when the 2023 tax bills are paid in 2024. If you are new to Arkansas or have recently purchased a different home, you should apply for the homestead tax credit with the tax assessor’s office in the appropriate county.
If you are age 65 or disabled, you may be eligible for additional property tax relief in the form of “freezing” the property tax.
A call to the county assessor’s office is the way to clarify your eligibility for these tax benefits; most inquiries can be handled over the telephone.
Arkansas has the country’s fourth lowest cost of living, with lower-than-average housing and residential electricity prices.
Hot Springs Village, with all of our wonderful amenities and beautiful surroundings, continues to be very much in demand!
Janae Cook Richards
Janae Cook Richards is an award-winning Real Estate Agent in Hot Springs Village and would be happy to answer any questions that you may have.
Janae Cook
AR Realtor
Taylor Realty Group HSV
501-617-9747
Comment.
I am finding it puzzling why we are still paying for schools after the age of 65 here in the Village. In Washington State, where I moved from, when you reached the age of 65 as a property owner we no longer paid the school tax on our property taxes. I paid this tax for years when our kids were in school. Now in the Village at age 80 I am asked to pay property taxes that include the school funding. How can we change this?? Guess what? The schools still operate just fine with plenty of funds. If we really want property tax relief this would be a great palce to start. What does anyone else think about this issue? Comments?
Not everone in the Village have other incomes except for monthly Social Security
Best regards, Lew
Nice, but only a drop in the bucket. The HSV Board and POA should be addressing why HSV property owners (including the POA) continue to pay property taxes to the two counties and get ZERO in returns from either one.
General Manager Kelly Hale said, “we have applied for matching grants in the two counties.” Keith Keck has helped with this and Kelly thanks Saline County for being professional and supportive of the Village and filing the grants, which, if received, will be used for water and wastewater plant upgrades. “I want to thank Saline County for recognizing the impact we do make to the State of Arkansas,” said Hale.
https://hsvgazette.com/hsvpoa-gac-meeting-11-4-22/
General Manager Asks Harris About Grants for the Village
Hale said to Harris, “We appreciate you being here today. You spoke about grants. What specifically can you help Hot Springs Village with, on grants?”
Harris responded, “It’s a private organization. Inside the gates, it makes it very difficult for any type of federal funding.” Because of gates, grants for the Village are difficult. For any of the projects leading in and out [of the Village], getting people to and from your gates would be the most beneficial. “There is lots of new trail money [for outside the gates],” stated Harris.
Hale said, “We appreciate the roads. We can take our tax revenue into the cities. What we are looking for is what can be done. We understand we are a private community, but with the economic impact that we have here in this area, it is close to $400 Million a year. We’re just looking for what help we can get to be able to change some things and maybe some language or some understanding of things that we might need help with, from an environmental standpoint or any other. We a city within itself and we take a lot of strain off of the state and counties by not adding that impact back. We’re just curious if there is any help you can give us. We understand the private part, but at the same time, we are a large contributor to the area. We’d just like some help with some things, possibly. If you have an opportunity, I’d like to sit down and talk to you.”
Harris said he would love to talk to the GM. “To be honest with you, I’ve never truly explored. ” Harris said it was very unique to have such a large property owners’ association with such a rich history in an urban area, especially. “I haven’t ever really looked into it too much. It has always been federal, federal-aid highways, which are always maintained and operated by local governments. I understand the argument you are making and I’ve heard it several times. It makes sense to me. I’d love to talk to you to see what else we can do. From technical expertise, we can offer any kind of technical expertise or help with grant writing, things like that. Anything mapmaking. Anything like that.”
Hale said we are a large contributor and would like some help. Would like to talk to Derrick Harris privately. Said he would love to talk to Hale. Can offer any kind of technical expertise, grant writing, etc. Grants are complicated and Harris will have to look into it.
https://hsvgazette.com/governmental-affairs-meeting-6-3-22/
This isn’t really tax relief…this change in rate is less than inflation for the same time period. If it was even with inflation, $375 would have been raised to $454. Check the math yourself at https://www.bls.gov/data/inflation_calculator.htm