THE HOMESTEAD CREDIT
The Homestead Credit is a credit of up to $350.00 off of your tax statement if you qualify. To qualify you must own a home and it must be your principal place of residence. Each family is allowed only one homestead credit in the State. The credit applies to the home and up to one acre the house sits on.
Here’s how the Homestead Credit is calculated:
- Our example home is valued at $50,000.
- The assessment is 1/5th of the appraisal, or $10,000.
- The $10,000 will be multiplied by the millage rate ( .0525 for Fort Smith School District ) making your tax bill $525.00.
- $350.00 is deducted from that $525, making the tax bill only $175.00.
If your home is valued at $25,000, assessed at $5,000 X .0525 your tax bill would be $262.50. The homestead credit allowed to you would be $262.50. You would then have no tax bill.
Simply call the office at 479.784.1516 or contact us by email to have an
application sent, or come by and fill one out and we will apply the credit to