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2000 Census Data - City of Hoxie

2000 Census Data - Lawrence County

 

 

      

  Tax Structure

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.

WHY?
Property tax is an important source of revenue for local governments, including school districts and county and city governments. Revenue generated by property tax is used to finance education, roads, hospitals, libraries, public safety and for the general operation of county and city governments.

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:

  • 1) Local property values determine the assessed value of your property;
  • 2) 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.

ASSESSMENTS
Each Lawrence County taxpayer must declare (assess) both real and personal property each year by May 31. The County Assessor estimates the value of all property in the county. Assessment or the assessed value of real property is calculated as 20% of the true market value.

MILLAGE RATE
Cities, counties and school districts levy taxes on both real and personal property. Property taxes are based on "mills." All millage levies, except for city and county general funds and county road funds, must be approved by local voters before they can be levied or collected. The county quorum court may approve millage levies for county general and road funds up to the maximum allowed. City governments may approve millage levies for the city general fund up to the maximum allowed.

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:

Hoxie School District 46 34.0 mills or  .0340 per $1 assessed value
Hoxie City                        -  1.6 mills or  .0016
Hoxie City Streets            -  1.0 mills or .0010
County General               -   5.0 mills or .0050
County Library                 -   2.0 mills or .0020
County road (Split)          -   1.0 mills or .0010
Total millage                      44.6 mills or .0446 (4.46%) per $1 of assessed value

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.

 

 

 

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