Sales tax in Arkansas is 6.0%, Lawrence County has an additional 1.0% tax, Hoxie has a 1.0% tax and Lawrence County Hospital Emergency Service has 0.5%, for a total of 8.5%. All retail sales are subject to Sales Tax.
Personal Property must be assessed between January 1st and May 31st at the Lawrence County Assessor's office located in the Lawrence County Courthouse.
PROPERTY TAX-what is it and why do I have to pay it? The following information is provided to answer some of those questions we have all asked about property taxes.
IS THERE MORE THAN ONE KIND? Property taxes are based on two kinds of property: "real property" and "personal property."
REAL PROPERTY TAX What is "real property" tax? Real property is all tangible real estate that is fixed, immovable property. This includes land and all improvements made to that land, such as buildings, homes, barns.
PERSONAL PROPERTY TAX Personal property is everything that is subject to ownership, tangible and movable, such as cars, boats, livestock, motorcycles, and RV's. Items of household furnishings, clothing, appliances were exempted from personal property tax by Amendment 71.
ASSESSMENTS & MILLAGE Property taxes are based on the "millage rate" applied to the assessed value of all real and personal property owned by the taxpayer. The amount of your property tax bill is determined by two local factors:
A "mill" equals one-thousandth of a dollar (.001). Therefore, 10 mills = .01 and 50 mills = .05. A 50-mill property tax means you pay $50 for every $1,000 of assessed value or $50 for every $5000 of market value.
The tax rate or millage for Hoxie in noted below:
Drainage tax may apply depending on real property location @ up to $1.50 per acre
Example: Market Value X 20% X 4.46% (Typical home and personal property)
Real Property - $65,000 X 20% X 4.46% = $579.80 less up to $300 Homestead Tax deduction
Personal Property - $30,000 X 20% X 4.46% = $266.76
Utilities and Service Companies apply various Franchise taxes.