Let’s talk about your 2020 Arkansas Property Taxes. Last week I received my property tax bill in the mail. If you have a bank loan on your investment you will not get a property tax statement in the mail. The bill will go directly to your mortgage lender. If you do not have a bank loan on it, you should receive your invoice in the mail. If you bought a property in 2020 and you put a bank loan on the property and you received the bill in the mail, you need to call your lender and send it to them because the county only gives out one tax bill and it is important that the right party receive it. If you received an invoice and have a mortgage, then your lender does not have the invoice.
I also look at it to see what they are charging me in 2020 and to see what it was in 2019 to make sure did not go up tremendously. If it does, call me at 501.993.1973 and I’ll run some checks like looking up to see what similar properties have sold for. You take that information and go down to the Board of Equalization. The Board of Equalization only meets between now and the second week in October, so getting started as soon as possible is highly recommended. The process is pretty simple: call and make an appointment, bring the information I give to you, and state your case. Most of the time taxes are reduced. Let me know if I can be of help with that.
This year is a reassessment, so they will be having appraisers go around reassessing properties. Next year I’ll remind you to definitely look at your taxes because in Arkansas, commercial property taxes can only go up 10%. Be sure to check next years tax bill to make sure it doesn’t go up more than that.
If you have any questions about your 2020 commercial property taxes, feel free to give me a call at 501-993-1973