The Department has completed the 40% Pullback calculation for calendar year 2008 property taxes. The report is attached. Please note the addition of columns J and K in this year’s report. Column J notates the previous year’s total valuations and column K calculates the percent change in total valuations from this year to last.
The assessment data are submitted by each County Clerk in compliance with Ark. Code Ann. § 6-20-2202(g)(1). This report will be used in the State Foundation Funding calculation for 2008-2009. The millage data are from the annual millage election held during calendar year 2007, for taxes payable in calendar year 2008. The millage rates have been adjusted for rollback provisions. Rollback data are provided by the Assessment Coordination Department. The 40% Pullback is calculated in compliance with Ark. Code Ann. §6-20-401(4)(B). The 40% Pullback is calculated as follows: the greater of the product of either: (assessment x the tax rate which is not pledged to secure bonded indebtedness x 40%) or (assessment x the uniform rate of tax x 40%). Districts that were consolidated or annexed and that have not voted a unified millage rate are indicated with an "+". For the 40% Pullback of these districts, the two calculations are added together. M&O is an acronym for maintenance and operations. LEA is an acronym for local education agency.
Requests for additional information should be directed to Julie Kreth or Yvonne Williams in Education Research and Statistics at 501-682-5128.