A tax exemption is available to farmers and ranchers in Arkansas who keep at least 10 cows on their property for breeding or growing them for milk or meat. The land where the cows are housed, as well as any tools or buildings necessary for their upkeep and management, are exempt from this exemption from property taxes.
For farmers and ranchers in Arkansas, the tax exemption for cattle is a considerable advantage. It could lower their operating expenses and boost their revenue. It’s crucial to remember that the exemption only covers property taxes and not other taxes like income or sales taxes.
Do you have to pay taxes in Arkansas for a used boat in this regard? Yes, you must pay sales tax in Arkansas when purchasing a used boat. The overall price of the boat, including any additional accessories or equipment, is subject to a 6.5% sales tax in Arkansas. When you register a used boat with the state, you must still pay the sales tax even if you purchased it from a private person.
You risk fines and interest charges if you don’t pay the sales tax owed in Arkansas on a purchase. A late payment fee of 5% of the unpaid tax every month, up to a maximum of 25%, is assessed. In addition, a 10% annual interest rate is applied to the unpaid tax.
Yes, you can use the Arkansas Taxpayer Access Point (ATAP) to pay your sales tax online in Arkansas. The Department of Finance and Administration in Arkansas is offering this as a free online service. You must register for sales tax and create an account in order to utilize ATAP. You can file and pay your sales tax online once you’ve registered.
In Arkansas, you have 30 days from the date of purchase to pay the sales tax on a vehicle. The total purchase price, including any additional costs or accessories, is subject to a 6.5% sales tax. You can be subject to fines and interest charges, as well as the suspension of your registration and license plate, if you don’t pay the sales tax within 30 days.