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By Steve Good
Some property owners in Hot Spring County have received notices of change in assessment letters from a mailing on Tuesday, and more are to be mailed for delivery through July 16, according to John Bridges, HSC Appraisal Manager for Arkansas CAMA Technology, Inc.
Bridges said the letters are a result of the recently completed countywide reappraisal project that has been underway in Hot Spring County since January 2006. Bridges said that Hot Spring County was one of 27 counties in Arkansas scheduled to complete their reappraisal project during 2008.
According to Bridges and HSC Assessor Blake Riggan, the last countywide reappraisal was completed in the fall of 2005. Bridges said many properties will see an increase in their assessment, but many may possibly see a decrease. An increase or a decrease in a property owner’s real estate assessment is based, Bridges said, upon what the property has been assessed at in the past compared to the value that is recorded for the property as a result of the current reappraisal. He stressed that the percentage of increase or decrease will not be the same for each property. Bridges reminded county residents that property taxes are not due until October of the year following an assessment, so any change in the amount of 2008 real estate taxes resulting from the reappraisal will not be due for payment until October 2009. Bridges said that not everyone will get a letter. Those whose appraised values go down or remain the same will not receive a letter, he said. Bridges said that those who do receive a letter should take a few minutes and carefully read the notice. That notice, he said, will list the property parcel number, the owner of record, a brief legal description of the property, the previous appraised and assessed values, the new appraised value, and the taxable values. It will also inform recipients of the process on how to schedule a hearing with the Hot Spring County Equalization Board should a property owner wish to appeal the valuation. Bridges said that property owners seeking to determine if their 2008 appraised value is reasonable should consider their answers to some of these questions: How much have other properties similar to mine sold for in the past couple of years? How much did I pay for my property? Did I purchase my property at its “true” market value? How long ago did I purchase my property and how much did I spend to get it to its current condition? What would it cost to replace my house or commercial building today? Do any adverse conditions exist that may affect the value of my property? Bridges said appraisers affiliated with Arkansas CAMA Technology will be available to help answer questions. He said the number to contact their appraisers will be listed on notices along with the time and dates available to call the appraisers. He said that anyone with questions remaining about their assessment should contact the HSC Clerk’s Office to schedule an appointment for a hearing before the HSC Board of Equalization. The last day for Arkansas property owners to schedule a hearing with their county board of equalization to appeal an assessment is Aug. 18, Bridges said, encouraging those desiring a hearing with their board to not let this date pass you by.
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