The Amendment 79 Homestead Credit was passed by majority vote of the people of Arkansas during the statewide General Election on November 7, 2000. The intention is to create property tax relief for homeowners in Arkansas.
The homestead credit:
- Provides up to a $600 tax credit on property that is the owner’s primary place of residence.
- Limits any increase in taxable value due to a reappraisal to 5% per year on the owner’s primary place of residence. Vacant and commercial property increases are limited to 10%.
- Prevents the taxable value on an owner’s primary place of residence from ever increasing due to a reappraisal for homeowners who are 65 and older or who are disabled as defined by the Social Security Administration standards.
These provisions apply even if the property is titled in a revocable or irrevocable trust set up by the occupant or if the homeowner is staying in a nursing home.
To claim the credit, it is the homeowner’s responsibility to notify the assessor in the county where his or her primary place of residence is located. Those who are 65 or older or disabled will need to provide a copy of their proof of age (driver’s license or state ID) or their proof of disability to claim their special benefits.