|Updated: 7/23/2012 9:02 am
||Published: 7/22/2012 6:12 pm
JACKSONVILLE, AR - The Pulaski County Assessor's office recently sent out roughly 100,000 notices in the mail telling property owners their taxes are going up. Now those property owners are angry and plan to fight the increase.
Rick Pruett bought his tri-level home in one of Jacksonville's most expensive neighborhoods in 1990. The house has been sitting on the market for more than 2 years. "No nibbles, or interest, or anything like that in purchasing the property."
So Pruett fixed it up to make it more attractive, but still got no buyers. Finally he practically gave it away for $58,000. "I wasn't even able to recoup what I paid for it back in 1990."
When Pruett and 100,000 other property owners in Pulaski County got notice in the mail of property value increases he says the numbers didn't add up. Lloyd Friedman is a real estate broker and agrees. "It appears someone pushed the wrong button on the computer or something."
Friedman says property values have not increased, but decreased. "There's no way properties worth $300,000 a few years ago are now worth $600,000." He doesn't understand how the Pulaski County Assessor's Office came up with the numbers.
Joe Thompson, Chief Administrator in the Pulaski County Assessor's Office says Arkansas, especially Central Arkansas, has had one of the best real estate markets in the country over the last 3 years. Thompson says, while 100,000 properties have increased in value, roughly 70,000 properties have either gone down in value or stayed the same. "It really is not a surprise. I've been in this business for 25 years and it is not unusual to see something like 40% go up."
Pruett wishes that was the reality on his street. "If I could sell the house and the property for $110,000 you bet I would sell in a heartbeat."
Property owners have until August 20th to appeal.