Example of Conway County Property Tax Calculation
Conway County Property Tax calculation is based on the assessed value of a property. The county assesses the property value, which is then multiplied by the millage rate to determine the property tax amount.
For example, if the assessed value of a property is $100,000 and the millage rate is 50 mills, the property tax amount would be $5,000.
To calculate the millage rate, the county determines the amount of revenue needed to fund the services it provides, such as schools, roads, and public safety. This amount is then divided by the total assessed value of all properties in the county.
It's important to note that property owners may be eligible for certain exemptions or deductions, such as homestead exemptions for primary residences or property tax credits for low-income households. These can lower the overall property tax amount.
Overall, understanding the Conway County Property Tax calculation can help property owners plan and budget for their tax payments each year.
If you want appeal your property tax assessment - contact your local tax assessor.
Conway County Property Tax Rates
Below is a table listing the Conway County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County Tax | $0.59 |
| School Tax | $3.50 |
| City Tax | $0.00 - $1.00 (depending on location) |
| Special Tax | Varies |
It is important to note that the city tax rate can vary depending on the location within Conway County. Additionally, the rate for special taxes can also vary depending on the specific tax district.
Who sets property tax rates in Conway County ?
The property tax rates in Conway County are determined by the County Assessor's Office, which is responsible for assessing the value of all taxable property in the county. The assessment is based on the fair market value of the property as of January 1 of each year. The County Assessor's Office then submits the assessed values to the County Board of Equalization, which reviews the assessments and makes any necessary adjustments. Finally, the County Quorum Court sets the property tax rates based on the assessed values and the county's budget needs. This process typically occurs in the fall, with property tax bills due by October 15th of each year.
Homestead exemptions in Conway County ?
Here is the requested table for all county-specific Homestead exemptions and deductions in Conway County, Arkansas:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead | Primary residence owned and occupied as of Jan 1 of tax year | Up to $35000 assessed value | May include additional exemption for elderly or disabled |
| Senior freeze | 60+ or disabled, meet income requirements | Freezes assessed value at base year level | |
| Disabled veteran | Honorably discharged, VA rated 100% disabled, own and occupy primary residence as of Jan 1 of tax year | Up to $25000 assessed value | |
| Widow/widower | Surviving spouse of deceased taxpayer, own and occupy primary residence as of Jan 1 of tax year | Up to $5000 assessed value (if not receiving Homestead exemption) | |
| Personal property | N/A | Up to $3500 in assessed value for tangible personal property |
It is important to note that eligibility requirements and exemption amounts may vary by county and can change from year to year. Taxpayers should consult with their local county tax assessor's office for the most up-to-date information.
How is Conway County Property Tax penalty calculated ?
Conway County Property Tax Penalty Calculation:
If someone fails to pay their property tax by the due date, a penalty will be imposed. The penalty for late payment is calculated based on the amount of delinquent taxes owed. The penalty is assessed at the rate of 10% per annum, with a minimum penalty of $5.
Here is an example of how the penalty is calculated:
Assume someone owes $1,000 in property taxes and fails to pay by the due date. If they pay their taxes one month late, the penalty will be calculated as follows:
- Delinquent taxes: $1,000
- Penalty rate: 10% per annum
- Penalty amount: $1,000 x 10% x (1/12) months = $8.33
- Minimum penalty: $5
- Total penalty: $8.33 (based on penalty rate) or $5 (based on minimum penalty)
Therefore, the total amount owed would be $1,008.33 (including the delinquent taxes and the penalty).
Conway County also offers a payment plan option for those who cannot pay their property taxes in full by the due date. It is recommended to contact the county treasurer's office for more information on this option.
When is Conway County Property Tax due ?
Conway County Property Tax Due Date and Payment Methods
Property taxes in Conway County are due on October 15th of each year. If the due date falls on a weekend or holiday, the deadline is extended to the next business day. Property owners are responsible for paying their taxes on time to avoid any penalties or interest charges.
There are several payment methods available to property owners in Conway County. These include:
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In-Person: Property owners can pay their taxes in person at the County Collector's office located at 117 South Moose Street in Morrilton. Payments can be made using cash, check, or money order during normal business hours.
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Mail: Property owners can mail their tax payments to the County Collector's office using the provided payment coupon and envelope. Payments must be postmarked by the due date to be considered timely.
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Online: Property owners can pay their taxes online using a credit or debit card or by electronic check through the Conway County website. A convenience fee will be charged for online payments.
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Phone: Property owners can make an automated phone payment by calling the Conway County Collector's office and following the prompts. A convenience fee will be charged for phone payments.
It is important to note that if a property owner fails to pay their taxes on time, interest and penalties will accrue at a rate of 10% per year. Therefore, it is recommended that property owners pay their taxes promptly to avoid any additional charges.
Overall, property taxes in Conway County are due on October 15th each year and can be paid through various methods, including in-person, mail, online, and phone. It is important to pay on time to avoid any penalties or interest charges.
If you have more questions - contact your local tax collector.
We recommend contacting the Conway County Tax Office or a local tax professional for the most up-to-date and accurate information.