Starting 2020, Arkansas car owners will see their personal property tax increase following a mistake made on car value assessments.
The Arkansas Department of Finance and Administration confirmed that car values for 2019 were underestimated by a third-party company hired by the state. DF&A spokesman, Scott Hardin, said the calculations were about 20 percent off from the actual car value. “Thankfully this is the first major issue like this, but it’s one too many,” says Hardin.
All counties in the state are affected by this except Pulaski County. Hardin added that car owners can expect to pay anywhere from $20 to $100 more on their next personal property tax bill. He also confirmed that once the contract with the company runs out this year, the state will be exploring other options for car value estimates.
