May 31 Deadline to Assess Personal Property in Arkansas

by Eleanor Wheeler - May 3, 2021

Have you assessed your personal property this year? Arkansans are required to report their personal property every year to the county assessor by May 31. Doing so after May 31 means paying a 10% late assessment penalty.

Ready to assess? Find your local county assessor and report your personal property using this portal with an easy-to-find county assessor map.

What counts as personal property?

Arkansas law defines personal property as “every tangible thing being the subject of ownership, and not forming a part of any parcel of real property.”[1]

Practically speaking, personal property is everything you own that you can touch and move, excluding money. Personal property includes:

• automobiles and other vehicles
• farm and heavy equipment
• livestock
• office equipment and furnishings
• business inventories and household goods

However, household goods, including household furniture and furnishings, clothing, appliances, and other personal property used within a home are exempt from the personal property tax and, therefore, do not have to be reported to the assessor. Another exception: Mobile homes are treated as personal property when it comes to titles but they are taxed as real estate and are not required to be assessed every year.

Arkansas businesses, including home-based businesses, are required to pay property taxes on their personal property, including office furnishings, machinery, equipment, vehicles, and inventories.

Why is personal property assessed?

The assessed value of your personal property is used to calculate your personal property tax liability. Your personal property tax owed is determined by the millage rates[2] in your taxing district and the assessed value of your personal property. A change in your personal property assessment is likely to change the amount of personal property tax owed.

Why is my assessment less than the value of my property?

In Arkansas, personal property is assessed at 20% of market value. If you own equipment with a market value of $100,000, you only pay property taxes on $20,000.

Want to know more about personal property assessments in Arkansas? See our publication “Administration of Arkansas’ Property Tax”. Additional property tax resources can also be found on our Property Tax website.  

[1] A.C.A. § 26-1-101

[2] Millage is levied by local taxing units (school districts, counties, cities and special districts). Your millage is the amount of taxes that you must pay per $1,000 of assessed property value. For example, if your total millage from all taxing districts is 50 mills, you would be required to pay $50 of property tax for every $1,000 of assessed value.