Taxes
SALES TAX
| State: | 6.0% |
| County: | 1.25% |
| City: | 2.0% |
| TOTAL: | 9.25% |
| A&P Bed Tax: | 1.5% |
PERSONAL PROPERTY AND REAL ESTATE TAXES.
Arkansas cities and counties collect a property tax, which is the principal source of revenue for funding local public schools.
The tax is calculated based on 20 percent of the fair market value of real and personal property. Business firms and individuals are subject to annual property tax on all real and personal property.
2008 millage rates for real and personal property in Springdale, Washington County and the Springdale School District are:
| City | 5.7 |
| County | 6.5 |
| School | 38.6 |
| TOTAL | 50.8 |
The 2009 millage rate for Springdale is 50.8.
In figuring real estate tax use this example: A home is taxed on 20 percent of its assessed value. For a home with an assessed value of $100,000, its tax liability would be 20 percent of that or $20,000.
Multiply the total millage rate (50.8) by .001 to determine the millage percentage (.0508). Multiply the assessed value of the property ($20,000) by the millage percentage (.0508). That figure is your estimated tax liability ($1,016).
Assessed Value x (millage x .001) = Tax Owed
$20,000 x (50.8 x .001) = $1,016
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