Arkansas Depreciation Schedule
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How to fill out Depreciation Schedule?
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FAQ
Arkansans are required to pay personal property taxes every year. Personal property taxes are applied to items such as vehicles, trailers, motorcyles, etc. and are paid to your county collector. Most counties provide online property tax payments, which you can find by visiting ar.gov/tax.
The assessment is 20 percent applied to the "true market value" of real property and to the usual selling price of personal property. The tax due is calculated as the assessed value times the local mileage rate.
Your property assessment is used to calculate your personal property taxes in the county in which you reside. Each year that you pay property taxes you are paying for the previous year's assessment. For example, in 2017 you'll pay personal property taxes for the vehicles that you assessed in 2016.
Personal Property - Under Arkansas law, A.C.A. § 26-1-101, personal property is defined as Every tangible thing being the subject of ownership, and not forming a part of any parcel of real property as defined.
Vehicle Assessment Before renewing your license you are required by Arkansas law to assess your vehicle with your county assessor and pay all personal property taxes you owe. You are also required to maintain liability insurance on your vehicle. These requirements are automatically checked using a computer.
In Arkansas, all real and personal property is assessed 20% of market value. So, if you owned a property with a market value of $100,000, you would only be required to pay property taxes on $20,000.
In Arkansas you must assess personal property between January 1st and May 31st each year to avoid a 10% penalty. Personal property includes all types of vehicles, boats, trailers, motorcycles, ATVs and livestock.
The assessment is 20 percent applied to the "true market value" of real property and to the usual selling price of personal property. The tax due is calculated as the assessed value times the local mileage rate.
Local millage rates determine the amount you pay per $1,000 of assessed value. Individual property tax bills are calculated by multiplying the assessed value of property by the total millage rate for that location.
A state tax rate of 6.5% applies to all car sales in Arkansas, but your total tax rate will depend on county and local taxes, which may add up to an additional 5%. The average total car sales tax in Arkansas is 9.133%. Buying a car isn't just about the sticker price.
