Homestead Tax Credit...don't miss it!

I recently had the unpleasant experience of telling a client that they had unnecessarily paid a few thousand dollars in extra taxes over the past few years. To their credit and my surprise, they took it well. They also vowed to never again pay the superfluous tax. What they now know (and you need to know) is referred to as the Homestead Tax Credit.

Taken from Arkansas.gov:

Homeowners in Arkansas may receive up to a $350 property tax credit on their homesteads. Eligibility for the credit is confined to a homeowner's principle place of residence. A homeowner is defined as someone who the owner of record, by deed or by recorded sales contract, or the beneficiary of a revocable trust owning the homestead. Nursing home or retirement center residents who own a home are also eligible for the credit; as are people who have deeded theirs homes to others while retaining a right to live in it until they die (A Life Estate).

Only one homestead per property owner is eligible to receive the tax credit.

Every home owner in Arkansas needs to be aware of this tax credit.  To get it, there is one thing you do have to do:  contact your county assessor and tell them you want the credit applied to your taxes. It's just that simple.

If you are not sure you have taken advantage of this "gift" from the government, email me your address, and I will let you know what the tax records say about your property.  You can also contact your county assessor for this information.