Arkansas taxes property sales through its real property transfer tax, does not require an attorney at closing and has no general seller disclosure form (buyer beware). It allows both court and out-of-court foreclosure and is not a community property state. Deadline to appeal a property tax assessment: last day to schedule a hearing is the third Monday in August.
Arkansas in short
Is there a real estate transfer tax in Arkansas?
Arkansas charges a state real property transfer tax of $3.30 per $1,000 of actual consideration on transactions above $100, which is $660 on a $200,000 sale. It is paid by buying documentary stamps for the deed.
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What closing costs does Arkansas law set?
Arkansas has no official typical closing-cost total. The state transfer tax is $3.30 per $1,000 of consideration ($660 on a $200,000 sale) and Pulaski County recording is $15 for the first page plus $5 per added page.
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How is property tax calculated in Arkansas?
Arkansas taxes 20% of a property's market value at the local millage rate. Little Rock publishes 70.5 mills (1.41% effective rate), or $2,820 a year on a $200,000 home before credits.
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What is the deadline to appeal a property tax assessment in Arkansas?
In Arkansas, contact the county assessor first, and for a formal dispute schedule a hearing with the County Board of Equalization no later than the third Monday in August.
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Do you need a real estate attorney to close in Arkansas?
No Arkansas statute or rule read requires an attorney to attend or conduct a residential closing, but agents may fill in blanks only on attorney-approved forms for simple transactions (17 CAR 220-1009(c), Pope County Bar Association v. Suggs).
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What must a home seller disclose in Arkansas?
Arkansas has no disclosure statute for individual owner-sellers, according to the Arkansas Real Estate Commission, so no state law requires a seller to deliver a condition report. Licensed agents must disclose material facts they know or should know (Ark. Code 17-42-316).
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How does foreclosure work in Arkansas?
Most Arkansas mortgage foreclosures can run without a court under the Statutory Foreclosure Act of 1987, and the sale cannot take place until at least 60 days after the notice of default is recorded. The Act creates no right of redemption after the sale.
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What first-time home buyer programs does Arkansas offer?
The Arkansas Development Finance Authority (ADFA) offers the StartSmart first-time buyer mortgage, with a $500,000 price limit and a 640 minimum credit score, plus a down payment second mortgage of $1,000 to $15,000.
Arkansas guides
- Closing costs in Arkansas: what buyers and sellers pay
- Real estate transfer tax in Arkansas: rate and exemptions
- Property tax in Arkansas: rates, caps and homestead credit
- Seller disclosure requirements in Arkansas
- Do you need a real estate attorney to close in Arkansas?
- Foreclosure process in Arkansas: steps and timeline
- Home prices in Arkansas and Little Rock: median value, trend
- First-time home buyer programs in Arkansas (ADFA, Little Rock)
- How to verify a real estate license in Arkansas