The state of Arkansas does not have a property tax; however, Arkansas cities and counties do collect a property tax, which is the principle source of revenue for funding local public schools.
The tax is calculated based on 20 percent of the fair market value of real and personal property and the average annual value of merchants' stocks and/or manufactures' inventories based on millage rates in individual school districts. Business firms and individuals are subject to annual property tax on all real and personal property.
Millage rates by School District: Warren School District Real Personal Warren City 50.90 50.90 Warren Rural 45.90 45.90 Warren Rural Improvement 45.90 45.90 Rural Banks City 47.30 47.30 New Edinburg City 47.50 47.50
These are 2012 tax rates that will be collected in 2013 Payment in Lieu of taxes
Real and personal property financed by revenue bonds and general obligation bonds may be exempt from property taxes during the lease-amortization period in which a local government retains title to the property. Payments by businessess to local governments in lieu of property taxes are generally encoraged and negotiated between the parties involved.
The negotiated payment in lieu of property taxes shall not be less than 35 percent of the property taxes that would have been paid if the property were on the tax bills.