What Will It Cost?
About $3.70 a Month for the Average Home
The proposal on the November ballot is for a 0.9-mill property tax dedicated to paying for new library facilities across Garland County.
For the average Hot Springs home, valued at approximately $245,000, the estimated cost would be about $44 per year — or $3.67 per month.
Another easy way to calculate the cost is by your home's market value:
For every $100,000 in market value, the cost is approximately $18 per year.
That means a home valued at $150,000 would pay about $27 per year, a $200,000 home about $36, and a $300,000 home about $54.
What Is a Millage?
A millage is simply one way local governments calculate property taxes. In this case, Garland County voters are being asked to consider an additional 0.9 mills specifically for library construction.
This is separate from the library's existing operating millage, which pays for the day-to-day operation of the library.
What Would the Money Pay For?
The new millage would be used to repay bonds issued for the library's long-term facilities plan, including a new Main Library and a West Branch near the Lake Hamilton area.
The North Branch serving the Hot Springs Village and Jessieville area is already under construction. Together, the three locations are intended to create a countywide library system that would put more than 95% of Garland County residents within approximately a 12-minute drive of a library.
The new millage would be dedicated to these capital improvements rather than the library's regular operating expenses.
Is the Millage Permanent?
No.
The 0.9-mill levy would be tied to the bonds issued for the construction projects. Under Arkansas's constitutional provisions governing library bonds, the millage cannot be collected longer than necessary to repay that bonded debt.
In other words, this is a debt-service millage for the construction projects, not a permanent increase to the library's operating millage.
What About the Homestead Tax Credit?
Arkansas recently increased the state homestead property tax credit. For homeowners who qualify for that credit, the increase may offset some or all of the additional library millage.
The simplest way to understand the library proposal itself, however, is to look at the millage on its own: approximately $18 per year for every $100,000 of your home's market value.
At a Glance
0.9 mills
Proposed library bond millage
$18 per year
For every $100,000 of home market value
About $44 per year
For a home valued at approximately $245,000 (Garland Country’s average)
About $3.67 per month
For that same average-value home
Temporary debt-service millage
Collected only as needed to repay the bonds
