More problems for the assessor's office and tax increases | Arkansas Blog

Thursday, September 6, 2012

More problems for the assessor's office and tax increases

Posted By on Thu, Sep 6, 2012 at 8:48 AM

UNDERVALUED? This Edgewood house was valued at $624,000,  but sold in July for $1.1 million.
  • UNDERVALUED? This Edgewood house was valued at $624,000, but sold in July for $1.1 million.
Fine story in Arkansas Democrat-Gazette today on the apparent underassessment of the market value of houses in some of Little Rock's finest neighborhoods, including in Prospect Terrace and around the Country Club of Little Rock. The assessor's office has begun work on corrections.

Good luck convincing the average voter that lower rates for rich folks were an accident or the product of appraisers misunderstanding the intrinsically high value of some shabby chic residences long occupied by some of the city's richest and most influential citizens. The average beginning real estate agent understands even Jim Walter-built scrapers have huge value in these neighborhoods.

But did a guy who lives on Edgewood in Prospect Terrace really tell a D-G reporter that his 4,000-square-foot house, sold in 2001 for $933,000 and again in late July for $1.1 million, might not be undervalued with a market appraisal of $624,000? That markdown is good for an annual tax savings of better than $6,000, or $500 a month.

If that house was correctly appraised, what are we to conclude about the owner's smarts for paying $476,000 more than it was worth?

But on to a larger point: The prospect of a round of jacked-up property tax assessments — and suspicions of favoritism for the influential — in a neighborhood long the bellcow for property tax elections could have been better timed. A vote is coming Tuesday on Little Rock's proposal to impose a new three-mill property tax for streets and drainage. I'll be voting for it regardless.

Tags: , , , ,


Favorite

Comments (12)

Showing 1-12 of 12

Add a comment

 
Subscribe to this thread:
Showing 1-12 of 12

Add a comment

More by Max Brantley

Readers also liked…

  • Among the last words from Kenneth Williams: 'Finger Lickin' Good Fried Chicken'

    What's purported to be a final-words essay from condemned prisoner Kenneth Williams was distributed today by Deborah Robinson, a freelance journalist in Arkansas.  He reflects on his execution, his victims, reactions of inmates and big servings of fried chicken, which he says are given to all inmates on execution days.
    • Apr 27, 2017
  • ADEQ denies C&H Hog Farm permit

    The Arkansas Department of Environmental Quality has denied a new permit for the C&H Hog Farms' concentrated animal feeding operation near Mount Judea (Newton County). This is a big and somewhat surprising victory for critics who have viewed C&H's large-scale pig farm and the pig waste it generates as an existential threat to the Buffalo National River.
    • Jan 10, 2018
  • Presidential thriller, co-author Bill Clinton, coming to bookstores in 2018

    June 2018 is the expected publication date for a novel collaboration by former President Bill Clinton and crime writer James Patterson.
    • May 9, 2017

Slideshows

  • Arkansas vs Ole Miss at War Memorial stadium in Little Rock, Saturday, Oct. 13, 2018. After leading for much of the game, Arkansas lost 37-33 when Ole Miss scored the game winning Touchdown with less that 2 minutes left. 
  • Margaret Clark Adventure Park
    New sculptures, preschoolers play area dedicated in Riverfront Park in Little Rock.

Most Recent Comments

 

© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation