Arkansas is the perfect place to try out this new health trend. Read all about the what, why, where and how here.
Had that been a shopping center, office building or other commercial real estate the property taxes would be over $42.00 an acre (20% of value assuming 45 mills) but since the state appraises farm land at $250 an acre or less, it was taxed at $2.25 an acre. That is the same as buying a $100,000 house and having the house appraised by the assessor at $18,000.We have a similar situation very close to home in Little Rock. It's perfectly legal but quite advantageous to the beneficiary. Deltic Timber, which acquired vast tracts of timberland in Pulaski County for pennies decades ago (around $2 an acre), holds that land at its very low "agricultural" value until it sells it in $100,000 lots in Chenal Valley and environs. The new homeowners pay the stepped-up rate.
The difference to the county school districts would be $675,000 in taxes annually if it were commercial use versus $35,735 as commercial agricultural use. No wonder the Delta schools are poor performers. There is no local tax money going back into the school system.
The commercial agricultural and timber users are being subsidized by hundreds of millions a year compared to other types of property owners and the problem is a number of the owners are out of state interest who have no real interest in Arkansas.
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