LITTLE ROCK, Ark. (KTHV) - Arkansas property owners may have gotten a huge surprise in the mail last month.
In all, 100,000 in Pulaski County residents got new tax assessments, most going up in value 15 to 25 percent over the next few years.
However, officials with the Pulaski County assessor's office say property owners do have options.
"A very high percentage have their matter resolved," said Joe Thompson, chief administrator with the Pulaski County Assessor's Office.
Thompson says homeowners have until August 1 to call the assessor's office and discuss their properties.
"Of those people who call because they don't agree with the value, probably 40 to 50 percent of them we really do find something wrong," said Thompson.
If the matter is not resolved, Thompson says owners should set an appointment by August 20 to go before the equalization board.
He says the August dates are set by the state so deadlines should mirror from county to county throughout Arkansas.
The Chairman of the Board of Equalization, Jim Peacock, says depending on the year the group can hear between 1500 and 2000 appeals. He says because of the higher number of assessments this year, they predict to hear more cases.
Peacock says the county assessor looks at properties in bulk and establishes housing trends in certain areas to determine value. Many times the older the neighborhood the harder it is to appraise in bulk because there is more variety from house to house.
It is important to know if the appraisal raises your taxes and you live in the home, by state law you can only see a five percent increase per year.
For commercial property there is a 10 percent a year increase limit. If a homeowner's overall tax increase is 15 percent, it would take three years to reach that increased tax rate.
Also, if you are 65 or older or declared 100 percent disabled by the social security administration, your property values remain the same.