The Ashley County Assessor sets the value for the county, according to the valuation tables that are mandated by the Assessment Coordination Department for the State of Arkansas. Taxes are then calculated by taking 20% of market value (assessed value) and multiplying that by the local tax rate.
Archives: FAQs
What if I buy a car in the middle of the year?
If you purchased the car before the deadline for assessing (May 31st) then it must be assessed by May 31st to avoid the 10% penalty fee for a late assessment. Vehicles purchased in May have 30 days from the date of sale to assess without a penalty.
What if I sell my car in the middle of the year?
Property sold or disposed of prior to May 31st will be removed from assessment. If you sell or dispose of property after May 31st it will remain on your assessment for the rest of the year.
What is Business Personal Property?
Any asset(s) that are owned by a business, such as vehicles, furniture, machinery and equipment.
Who has to assess?
Any business owner who operates a business and who holds personal property used in the course of operating said business.
What is the assessment deadline?
The assessment deadline is May 31st of each year.
My business opened in March. When do I assess?
May 31st of the current year.
If I do not assess by May 31st, what happens?
A late penalty of 10% is added to your assessment. This percentage is set by state law.
Do I assess my leased copy machine?
No. The owner of the equipment is responsible for assessing it with our office.
When can I assess my business?
You can assess your business anytime between January 2nd and May 31st.