Board Of Equalization Sees Record Number Of Homeowners

BENTONVILLE, Ark. -- Many Benton County homeowners are frustrated to see enormous increases in their property values despite a slowing housing market.

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Monday was the last day residents were able to schedule an appointment with the Board of Equalization to appeal their assessment.

It's going to be a busy season for the Board of Equalization. The board is seeing more than 3,000 homeowners this year – double than in years past. Many are trying to get their property value back down to what they feel is a more reasonable level.

"There's no brick. It's wood siding… asphalt shingles,” said Linda Bishop, describing her home. Bishop owns a home in Rogers and believes her property was assessed too high.

"In '07 it was $91,000. In '08, $132,000 and I have done nothing to the place," said Bishop. "I cannot comprehend in my small brain where they got the $40,000 for the same thing it was last year."

With a $40,000 increase, her real estate value has jumped 45 percent, and that translates to even higher taxes.

"I can't afford to pay $1200 and $1500 in taxes on something that has not went up in value. That's what I'm so mad about,” said Bishop.

So she and her daughter went to the Board of Equalization Tuesday to try to get some answers.

"I'm hoping to either stay the same or drop it a little where I can financially swim,” said Bishop.

"Mrs. Bishop, do have an idea of what you think it would be?" asked a member of the Board of Equalization.

"I think $90,000 is plenty on it," replied Bishop.

And after explaining her case to the board, she got what she asked for.

"My recommendation to the board would be to take it back to the ‘07 value and then do a review," said another member of the board.

They’re keeping her home value steady until the next reappraisal in three years.

"Yeah, I'm satisfied, as long as it don't go up," said Bishop.

The Board of Equalization has been seeing residents like Bishop since the start of this month. The board has split up in to three groups to hold 15 minute sessions to accommodate the large influx of people.

The Board of Equalization will be meeting with homeowners through the end of October.