HOW DO I GET THE HOMESTEAD CREDIT AND TAX FREEZE?
The Homestead Credit gives up to $350.00 off of your tax statement if you qualify. To qualify you need only to own a home and it must be your principal place of residence. You are only allowed one homestead credit per family in the State. Say your home is valued at $50,000. Your assessment would be 1/5th of the appraisal = $10,000. The $10,000 will be multiplied by the millage rate ( .0525 for Fort Smith School District ) making your tax bill $525.00. You then deduct $350.00 from that making your tax bill only $175.00. If your home is valued at $25,000, assessed at $5,000 X .0525 your tax bill would be $262.50. (minus the homestead credit allowed to you = $262.50 ) You would then have no tax bill.
Simply call the office to have us send an application or come by and fill one out and we will apply the credit to your home. If you live on acreage, the credit only applies to your home and the acre you home sits on.
The Tax Freeze: Actually the Freeze does not freeze your taxes, it freezes your Value. When you reach the age of 65 or if you are older you qualify for a Freeze. This also applies if you are on Social Security Disability. Simply bring or send us a copy of your driver’s license or any proof of age or your disability papers and we will be thrilled to apply the Freeze to your property values. You will not loose the freeze unless you add onto your home or unless the millage rate increases. At that point the freeze will fall off and be reapplied at the new value with the addition or the new millage rate figured in.
Real Estate Department: 479-784-1516, ask for Rachele