Benton County Property Owners to See Large Valuation Increases
FOLEY -- Benton County is alerting property owners that they may see sticker shock when they receive their 2022 property tax valuations.
The valuations are for taxes that will be payable in 2023 and also serve as a notice of a right to appeal.
Benton County says most property owners will see valuation increases of more than 15%. The average valuation increases are driven by higher sales prices. State law says taxable market values must follow sales data.
The average valuation increase for residential properties is 17%, on agricultural properties, it's 20% and commercial/industrial/multifamily is also at 20%.
Home prices in Benton County between October of 2020 and September of 2021 went from an average of $219,000 to $257,000.
The notices of valuation will include the date, time, and place of a local board of equalization meeting where appeals can be heard. If you have other questions or contact the County Assessor's Office.