Property Ownership
Arkansas property is assessed at what percentage of its appraised (market) value for tax purposes?
A50% of market value
B20% of market value✓ Correct
C100% of market value
D80% of market value
Explanation
In Arkansas, real property is assessed at 20% of its appraised (market) value for property tax purposes. The mill rate is then applied to the assessed value to calculate the tax bill.
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