Tax deadlines approaching

The Phillips County assessor reminds taxpayers of a few upcoming deadlines:

All persons owning, possessing or controlling taxable personal property with a total actual value greater than $7,700 (per owner, per county) on Jan. 1, 2020, are required to report the personal property to the assessor.

Completed declaration schedules are due by the extended date of Monday, June 15. A penalty in the amount of $50 or 15% of the taxes due (whichever is less) will be applied to your account.

If you fail to file a declaration schedule, the assessor will establish a taxable value based on the “best information available” and add a penalty of up to 25% of assessed value for any omitted property that is subsequently discovered.

Exemption available for senior citizens and disabled veterans

A property tax exemption is available to senior citizens, qualifying disabled veterans, and the surviving spouses of senior citizens or disabled veterans who were previously granted the exemption. For those who qualify, 50% of the first $200,000 in actual value of their primary residence is exempted. The State pays the exempted portion of the property tax. Once approved, the exemption remains in effect for future years, and the applicant need not reapply.

The deadline for both exemptions is Wednesday, July 1.

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