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Amendment 79 Tax Credit
Information
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In November 2000, Amendment 79 was passed by
the voters. This amendment allowed a credit of up to $300 on general
taxes only, for an eligible taxpayer's real estate tax bill for the
2000 tax year and future years. The 2007 regular session of the
Legislature passed Act 142, which increased the credit to $350.
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Are you 65 years or older? Under
the provisions of Arkansas Constitution Amendment 79, the assessed
value of a homestead used as a principal place of residence and
owned by a taxpayer who is disabled or 65 years of age or older
shall not increase. Call the Assessor's Office for more information
at (501) 340-6168. The Assessor maintains permanent address
information for all tax parcels. Contact that office for any
changes.
A homestead is defined as:
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A dwelling which is used as his or her principal
place of residence.
A dwelling owned by a revocable trust and used as the principal place
of residence of the person who formed the trust.
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Each County Assessor shall be responsible for
identifying the parcels of real estate property which are used as a
homestead residence prior to issuing the tax bills.
If there is a question on the eligibility status of a property,
please call the Assessor's Real Estate Department at (501) 340-6170.
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The credit will only affect the general (ad valorem) taxes for the 2000 tax year and thereafter. If there
are delinquent real estate taxes on the account, the credit will
only be reflected on the 2000 and future year amounts.
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Only "general taxes" of a qualifying real
estate tax bill are eligible for the credit. Special improvement
taxes, timber taxes or personal property taxes are not eligible for
this credit.
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The amount of real estate taxes on an eligible
homestead may be reduced by up to $350. In the event that a
taxpayer's tax bill is less than $350, there will not be any taxes
due for the tax year. In addition, the "remaining credit" shall not
be transferred to any other account nor will there be any monetary
refunds.
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