Due to real estate reassessments, many Saline and Garland County Villagers can expect to see their property taxes go up.
Chair Pettey said, “All over the Village this morning, people are waking up thinking it is a pretty day and not realizing that there are storm clouds coming from both Garland County and Saline County, particularly from the Tax Assessor’s Office. It’s going to be big. When those tax assessment notices come out, there is going to be crying, tears, and gnashing of teeth.
Very timely next month, the Tax Assessors from both Garland and Saline Counties will be in the Village. (They are coming to the next Governmental Affairs Meeting on Friday, August 5, 2022, at 9:00 AM at the Ouachita Room, located at the Ponce de Leon Center. Be sure to mark this date in your datebook.
Pettey said, “This is going to be a time when people can ask questions and hear from the people who are sending out those [tax] notices. Next month is going to be a big meeting.”
“I hope that we have a good turnout. Saline County JP, Keith [Keck], and Garland County, JP Larry [Raney] are putting the program together. It is very timely and is going to be an important [meeting] for a lot of people here.”
Keck said the notices will soon be hitting the mail.
Note: The increase does not affect those whose taxes are frozen due to age or disability unless an improvement is made to the property. If a person who is age 65 or older or who is disabled purchases a homestead property, the taxable assessed value of the residence can be frozen as of the date of purchase. Eligible homeowners must apply for the “freeze” with the county assessor’s office. Also, if you are already a homeowner and turn 65 or become disabled, be sure to apply for the tax freeze.
Additional Note From Cheryl: “
Age 65 or Disabled Homeowner Property Tax Relief
“Homeowners who qualify for the homestead tax credit and who are either age 65 or older or who are disabled are entitled to additional property tax relief. The taxable assessed value of currently-owned homestead properties can be “frozen” as of the date of the homeowner’s 65th birthday or the date of disability. If a person who is age 65 or older or who is disabled purchases a homestead property, the taxable assessed value of the residence can be frozen as of the date of purchase. Eligible homeowners must apply for the “freeze” with the county assessor’s office.”
“The assessed value on homesteads eligible for the “freeze” may increase if there are substantial improvements made to the property. Substantial improvements are defined as “renovation, reconstruction and refurbishment” of a property that adds 25% or more to the value of the property.”
“If you have any questions about the age 65/disability assessed value freeze or believe you may be eligible to receive the freeze, please contact your county assessor’s office.”
“(Note: the amount of property taxes on homestead properties may still increase or decrease in the event of millage rate changes in the local taxing districts.)”
By Cheryl Dowden
Any recently purchased property will be vulnerable to the new tax assessment and see the new owner’s property tax bill increase over the previous owner’s tax bills. Some increases will be substantial in this home buyer crazy market frenzy.