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Schools Expect Less Revenue

By Caleb Fort

Posted: August 21, 2011 at 5:35 a.m.

Rogers and Bentonville school districts will have less tax revenue next year after the appraised value of property in the districts dropped this year, school officials said.

By The Numbers

2011 Taxable Property Values

Bentonville School District

• 43.7 total mills

• 25 state mills

• 16.7 debt mills

• $1,573,213,465

• Difference from 2010: -$38,919,045

Rogers School District

• 38.4 total mills

• 25 state mills

• 10.9 debt mills

• $1,662,782,580

• Difference from 2010: -$69,362,410

At A Glance

Property Taxes

Property taxes are collected based on mills. One mill is one dollar per thousand dollars of assessed property value. Property is assessed at 20 percent of current market value, according to the Benton County Assessor’s website.

For example, a $100,000 house would be assessed at $20,000. A school district that had 40 mills dedicated to paying off debt would receive $800 from that house.

However, the assessed value is not necessarily the taxable value. The taxable value can increase only 5 percent per year on homestead and 10 percent per year on nonhomesteads, so it can lag behind the assessed value, according to information from the County Assessor’s Office.

The taxable value is set to the full assessed value if the property is sold.

Source: Staff Report

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I foresee another tax coming

Posted by: Apbacker

August 21, 2011 at 1:45 p.m. ( | suggest removal )

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