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State Income Taxes, Sales Taxes and Local
Property Taxes for 2006
State Income Taxes
Arkansas individual income tax is
graduated from 1% up to 7 percent at the $29,200 (or more) net income level.
Arkansas corporate income tax is also graduated from 1% up to 6.5% at
the $100,000 net income level. Visit the Arkansas
Department of Finance and Administration for more information about
Arkansas taxes.
State Sales Taxes
Arkansas Sales & Use tax is 6%. Counties
and cities may also enact local option sales taxes.
Real Estate Taxes
Real property is assessed at 20% of its fair
market value,
and total real estate taxes are based on this assessment. The tax due is
calculated as the assessed value times the local millage rate. Business
property is assessed like individual property. To calculate the real
estate taxes in a particular city, you must add the total county millage
rates to the city, school district, and fire protection district millage
rates.
For instance, if the property is valued at
$50,000, it is assessed at $10,000. Total millages for Cotter would be
45.8, and total taxes on the property would be $458.00.
There is a $300 tax credit on the real property of a taxpayer's principal
place of residence.
Millage rates for Baxter,
Boone, Izard
and Marion, the counties in the South
Shore area are given below.
|
Baxter County Millage Rates
|
| County |
|
| · County
General |
.8 |
| · County Road |
2.7 |
| · Library |
1.0 |
| · ASU-MH |
2.0 |
|
Total County Millage |
6.5 |
| |
|
| City |
|
| · Cotter General |
4.0 |
|
Voluntary Fire |
5.0 |
| · Gassville General |
5.0 |
| · Lakeview General |
3.0 |
| · Norfork General |
5.0 |
|
Voluntary Street |
1.9 |
|
Voluntary Street |
1.9 |
| |
|
| School District |
|
| · District 9 (Mountain
Home) |
29.21 |
| · District 60 (Cotter) |
32.67 |
| · District 61 (Norfork) |
31.89 |
| · District 50 (Calico Rock) |
42.3 |
| |
|
| Fire Protection District |
|
| · Buford |
5.0 |
| · Cotter
- Gassville Rural |
4.0 |
| · Grover Township |
3.0 |
| · Midway |
4.0 |
|
|
Boone County Millage Rates
|
| County Millage
Rates |
|
| · County General |
1.9 |
| · County Road |
1.0 |
| · County Library |
1.0 |
| · Community College |
1.7 |
· Timber Tax
15 cents/acre |
|
Total County Millage
+
Timber Tax |
5.6 |
| |
|
| City Millage
Rates |
|
| · Harrison |
4.8 |
| Firemen's Pension Fund |
1.0 |
| Policemen's Pension
Fund |
.4 |
| · Lead Hill |
4.8 |
| · South Lead Hill |
5.0 |
| · Diamond City |
5.0 |
| · Omaha |
3.8 |
| |
|
| School District
Millage Rates |
|
| · District 1
(Harrison) |
34.3 |
| · District 4 (Lead
Hill) |
39.0 |
| · District 6 (Omaha) |
38.1 |
|
|
|
Izard County Millage Rates
|
| County |
|
| · County General |
3.9 |
| · County Road |
2.8 |
| · County Library |
1.0 |
|
Total County Millage |
7.7 |
| |
|
| City |
|
| · Franklin General |
1.1 |
| · Horseshoe Bend General |
5.0 |
| · Melbourne General |
2.6 |
| · Calico Rock General |
3.3 |
| · Pineville General |
5.0 |
| · Mount Pleasant
General |
5.0 |
| · Guion
General |
5.0 |
| · Oxford General |
5.0 |
| |
|
| School District |
|
· Rural District #50
(Calico Rock) |
42.3 |
| · Melbourne |
39.3 |
| · Izard County Consolidated |
36.0 |
| · Cave City |
39.0 |
| · Hignland |
28.3 |
|
|
Marion County Millage Rates
|
| County |
|
| · County General |
5.0 |
| · County Road |
3.0 |
| · County Library |
.9 |
|
Total County Millage |
8.9 |
| |
|
| City |
|
| · Pyatt General |
5.0 |
| · Yellville General |
5.0 |
| Yellville
Firemen's Pension |
1.0 |
| · Summit General |
4.8 |
| · Flippin General |
1.8 |
| Flippin
Firemen's Pension |
.4 |
| · Bull Shoals General |
4.5 |
| Bull Shoals
Voluntary Fire |
.5 |
| |
|
| School District |
|
· Ozark Mountain School
(Bruno - Pyatt) |
33.60 |
· District #4
(Yellville - Summit) |
36.98 |
· District #26
(Flippin) |
33.90 |
· District #9
(Mountain Home - Baxter Co.) |
29.21 |
· District #17
(Marshall - Searcy Co.) |
32.75 |
· District #4
(Lead
Hill - Boone County) |
39.00 |
|
Personal Property Taxes
Personal property, such as cars, trucks, RVs,
boats, motorcycles, ATVs, as well as machinery, equipment, and business
inventories, are taxed based according to the usual selling price for the
item. These taxes are assessed at 20%. The millage rates for these taxes
are usually the same as for real estate taxes, but not always. Check
with the clerk of the county in which you are interested.
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