Over 65? There's a property tax advantage to it.

If you have reached the magical age of 65 and you own your own home in Arkansas, you have an advantage over the rest of us: you can have the assessed value of your principal residence frozen. Amendment 79 caps the assessment of your principal residence if you were 65 or older on January 1 of the current year.

There are two things to note, the first being that you must be 65 on January 1. If you turn 65 during the year, you get the tax benefit in the following year. The second thing is that this does not have anything to do with your area's millage rate. Here in Conway, the millage rate is 47.60. If the people of this great city vote a millage increase, you get to participate in that higher rate, too.

There is one more thing that affects this advantage: additions. If you improve your property, that opens it up for a re-assessment. Check with the County Assessor with any questions you have (and don't forget to ask about the $350 Homestead credit while you're at it). Our Assessor is Jeff Stephens and his number is 450-4905.