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1. What is Amendment 79?

Amendment 79 provides up to a $350 tax credit on your principal place of residence and limits how much the assessed value can increase.

2. How do I apply for Homestead Credit?

There are 3 ways to apply for the homestead credit, they are as follows: 

• Fill out an Application
• Call the Assessor's Office at 501-622-3730 and request the application be mailed to you
• Apply in person at:
  200 Woodbine
  Hot Springs, AR 71901

3. What are the limitations on Assessed Value?

Assessed value is 20% of value, not all property is at 20% due to limitations set by Amendment 79. If real estate is not at 20% of the value, the increase will be 5%, 10% or no increase. (New construction, newly discovered, change in use or substantial improvement does not qualify for limitation it will be assessed at 20% of its value.)

Increases

• 5% increase: Principle place of residence.
• 10% increase: All property this is not your principle place of residence.
• No Increase: Principle place of residence, you are 65 or older or you are disabled (proof of age, proof of disability must be provided in order to qualify for the freeze.)

4. Do I have to reapply for homestead every year?

No, once you qualify for the credit it will remain on the property as long as it remains your principle place of residence. If the status changes it is the responsibility of the property owner to notify the Assessor’s office of the change.

5. Is the homestead automatically applied?

No, the owner must fill out a homestead application.