Rate Breakdown

Property taxes in Craighead County are calculated by multiplying the assessed value (minus exemptions) by the total local millage rate.

How Property Tax Works in Craighead County

Property taxes in Craighead County are calculated using two primary components: the assessed value of the property and the applicable millage rates set by local taxing authorities. The county assessor conducts an annual assessment of all real and personal property, determining its market value as of January 1 each year. This market value is then multiplied by the state‑mandated assessment ratio of 25 % for residential properties (different ratios apply to commercial, agricultural, and industrial parcels). The resulting figure is the “assessed value.”

Millage rates are expressed in dollars per $1,000 of assessed value. In Craighead County, the total tax bill is a combination of the county millage (which funds services such as roads, law enforcement, and courts) and the millage rates imposed by the city of Jonesboro, education districts, and special districts (e.g., fire, wastewater). For the 2024‑2025 fiscal year, the combined millage rate was approximately 39.5 mills, but rates can vary each year based on budgetary needs.

The formula is straightforward:

• Assessed Value = Market Value × Assessment Ratio (25 % for most homes)
• Tax Owed = (Assessed Value ÷ 1,000) × Total Millage Rate

Because the assessment is based on market value, any changes in home prices, improvements, or loss of structures will directly affect your tax liability.

Available Exemptions

Arkansas law provides several exemptions that can reduce the assessed value of your property, thereby lowering your tax bill. Craighead County applies these statewide exemptions automatically when you qualify.

• Homestead Exemption: Reduces the assessed value of a primary residence by up to $5,000. Available to all owners who occupy the property as their principal dwelling.
• Senior Citizen Exemption: Residents aged 65 or older may receive an additional $5,000 exemption on the assessed value, provided they meet income limits set by the state.
• Disability Exemption: Homeowners with a qualifying disability can claim a $5,000 exemption, also subject to income criteria.
• Veteran Exemption: Disabled veterans and surviving spouses of veterans killed in action are eligible for a $5,000 exemption; additional benefits may apply for those with service‑connected disabilities.

To claim any exemption, you must file a completed exemption application with the Craighead County Assessor’s Office, typically by March 1 of the tax year. Once approved, the exemption remains in effect until you notify the assessor of a change in eligibility.

Payment Schedule & Deadlines

Craighead County property taxes are due in two installments:

• First Installment: Due October 1. If paid by this date, you receive a 2 % discount on the amount due.
• Second Installment: Due March 1 of the following year. No discount is offered, but payments made after this date incur a 1 % late fee per month, up to a maximum of 10 %.

Both installments can be paid online through the county’s secure portal, by mail, or in person at the Treasurer’s Office. If you prefer to avoid the discount deadline, you may schedule automatic monthly payments that spread the total tax bill evenly over the year; however, the discount still applies only to the original October 1 balance.

Failure to pay by the March 1 deadline results in a tax lien, possible foreclosure, and additional penalties, so timely payment is essential.

Appealing Your Assessment

If you believe your property has been over‑assessed, Craighead County offers a formal appeals process:

• File a Petition: Submit a written petition to the Craighead County Assessment Review Board (ARB) within 30 days of receiving your assessment notice.
• Provide Evidence: Include recent comparable sales, an independent appraisal, or documentation of any property damage or improvements that affect value.
• Hearing: The ARB will schedule a hearing, typically within 60 days of your petition. You may present your case in person or via video conference.
• Decision: The board issues a written decision, which may uphold, reduce, or increase the assessed value. This decision is final unless you appeal to the Arkansas Board of Assessors within 30 days.

Throughout the process, maintain copies of all correspondence and be prepared to demonstrate how the assessed value differs from the true market value. Utilizing the county’s online resources and consulting a local property tax professional can also strengthen your appeal.