Personal Property Tax Assessment Deadline - KATV - Breaking News, Weather and Razorback Sports

Personal Property Tax Assessment Deadline

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LITTLE ROCK (KATV) -

The deadline to assess your personal property for tax purposes is May 31st.

That is a Saturday and your county office will likely be closed.

So what can you do?

One out of every four Pulaski County residents who paid personal property taxes last year assessed late and had to pay a ten percent penalty.

That added up to an extra $925,000.

Phones in the Pulaski County Assessors office will be answered until 7:00 pm Friday.

If you have property you are assessing for the first time or if you are unable to assess online...this is your best and last chance to avoid a penalty.

"After the deadline we are forced to impose a ten percent penalty on your assessment," says Joe D. Thompson, Chief Administrator for the Pulaski County Assessors office.

Personal property taxes are mainly used to fund public schools. But they also help fund libraries, jails, hospitals, roads, and pension funds.

How is the tax on your SUV, ATV, RV or boat calculated?

Let's say you have a car with a market value of $10,000.00. It's assessed value is $2,000.00...or twenty percent.

That amount is then multiplied by the local millage rate. One mill is 1/1000th of a dollar.

So $2,000.00 at 50 mills will equal a $100.00 tax bill.

It is unfortunate that the deadline this year falls on a weekend...but online assessment is still possible through Saturday.

"Unfortunately there is no provision in the law to extend it," says Thompson. "We researched it very thoroughly trying to find a way to extend it. And there simply is no way to extend it."

In Pulaski County you can call and assess until 7:00 Friday.

The number is 501-340-6170.

To assess online, do an Internet search for your county assessors web site.

Air date: May 30th, 2014