Taxpayers who have recently received notices about new appraisals on their property have until August 15 to fill out an Application for Adjustment to their assessment value by obtaining an appointment with the Equalization Board of Carroll County. As of August 5, only about 13 property owners in the county had filed to have their assessments reconsidered by the EQ board.
“So far, not very many people are calling,” County Tax Assessor Jeannie Davidson said. “I really expected a lot more people to want their assessment reconsidered.”
The county is required by state law to reappraise at least once every five years. Residential property values have soared in Carroll County, particularly in Eureka Springs, with a surge of homebuyers fleeing droughts, flooding and wildfires, and others who are leaving cities with high property taxes and property values. Some have made large profits selling their previous homes and have been willing to pay much higher prices in Carroll County than have been the norm.
“Prices have skyrocketed,” Davidson said back in May. “Some of the houses in Eureka are just little shacks. There is nothing wrong with that. That’s the way it is. But they sell for more than newer, nicer homes on this [east] side of the county.”
Davidson said there has been a small increase in the value of ag land, timberland has gone down a little, and chicken houses are remaining about the same.
The company hired to do the reappraisal has estimated there has been $65 million in new construction in the past five years in Carroll County.
One local homeowner said the appraised value of their rural home had gone up from what they paid a couple years ago, $143,000, to nearly $200,000 because a property nearby sold for $250,000. The homeowner said he doesn’t feel comfortable dealing with bureaucracy and is unfamiliar with the process of going before the EQ Board even though a big increase in taxes would be a burden. Failure of people to challenge appraisals that may be too high could result in increasing the current problem with affordable housing.
“When people come in here from other places, buy something, and give way more for it than what we have it on for, it makes everything go up,” Davidson said. “The way this is going, it could probably price out a lot of locals. There aren’t a lot of corporate jobs here that pay well. We don’t have much industry here. There is nothing that draws a lot of people in except the lake or a cheaper place to live. Our taxes are still really cheap compared to many other areas.”
This reporter has in previous years gone before the EQ Board to challenge the appraisal of my home that was originally a horse stable in the 1800s. The EQ Board was friendly and helpful, they understood I wasn’t an expert on the process, and they agreed to reduce the appraisal amount after evidence was presented about foundation flaws, collapsing retaining walls, and no central heat and air. One EQ Board member said he wished more people would challenge appraisals they feel are unfair, because it helps to make sure property tax valuations are fair.
Davidson said people should not be intimidated by requesting a meeting with the EQ board. You call the Carroll County Clerk and (870) 423-2022 to request a 2022 Application for Adjustment to Assessment Value. It can be picked up at the county offices or they will email it to you.
Davidson said the board is comprised entirely of real estate agents.
“They know what the market has done,” Davidson said. “We are not here to tax everyone out of their houses. We want it to be fair. We realize the market has just been crazy in the past three years. We are still seeing high sales, but maybe not as many as before. Our values won’t fit every instance because we do a mass reappraisal. It is not individual houses appraised, but everything that is alike is clumped together.”
Proof must be provided. If the home was purchased recently, or if you have an appraisal supporting the home’s value, that is helpful evidence. Davidson said if you have pictures of the house and it isn’t as nice as what it is appraised for, it is quite likely the EQ Board will make an adjustment.