LITTLE ROCK, Ark. — Inflated prices have been everywhere recently, which also includes real estate.
For the first time in five years, every Pulaski County resident received a property tax reassessment letter, which reassesses the value of their home.
Joe Thompson at the Pulaski County Assessor's office has been busy as people have had big reactions to their new home valuations.
Many of the people who have called him have been surprised to see that their home valuations have risen an average of 30% since their last assessment.
"People are a bit shocked at the values that have come out...You're seeing a change from the last five years," Thomspon said.
There are some legal caps in place to protect taxpayers, before tax panic sets in.
Your property taxes can only rise up to 5% each year if it's your primary residence and 10% at a secondary residence.
For other tax caps, they said you have to call in, to cash in.
"If you are over 65 years old, and it is your primary place of residence, or if you're disabled, and it's your primary place of residence, the value that you pay taxes on cannot go up," Thompson added.
If a homeowner thinks the estimate is just plain wrong, they are able to file an appeal.
"Our first question is if they say it's too high, we say what do you think your property is worth?" Thomson said.
There are a few different ways to appeal to that assessment such as taking a visit to the tax assessor's office, sending an email, or by giving them a phone call.
And while houses have been the big ticket item, the Arkansas Department of Finance and Administration said property values on cars have also gone up.
"You hear stories of mom who drives a 15-year-old minivan, which has always decreased in value year to year. But for this crazy reason, and this world we're in now, the value increased 40% year to year," Scott Hardin, spokesperson for the office said.
But Hardin explained that those have some tax limitations as well.
"If you have a vehicle from 2020, or prior, you're going to pay what you paid in 2020 and property tax on that," he added.
Hardin also clarified that many of these protections only apply to vehicles that were made for driving on the roads.
"That doesn't apply to ATVs, boats, recreational vehicles, those kinds of things you're going to pay if that increased 50%, you're going to pay the difference there," he said.
If you've found yourself confused by all of this, or have thought that there could be an error in the valuation of your property, Thompson said that you shouldn't hesitate to reach out to them for help.