HOT SPRINGS -- A decline in attendance at Magic Springs Water and Theme Park contributed to the adjusted appraisal the Garland County Board of Equalization granted the attraction Thursday.
The $7,945,060 appraisal the board established on the 140-acre tract lowered the 2017 property taxes on the parcel by $8,937 to $87,554. The amount includes the 8.4-mill increase voters approved Tuesday for the Cutter Morning Star School District. Magic Springs also owns three parcels adjacent to the park.
Arkansas CAMA Technology, the county's contract appraisal service, lowered the valuation on the 140 acres from $10,037,250 to $8,756,050 after completing the county's five-year mass reappraisal cycle this year. The appraisal service said the 12 percent decrease ran counter to the overall 11.68 percent increase in the county's commercial property values.
The Equalization Board lowered Arkansas CAMA Technology's valuation by 9 percent.
Arkansas CAMA Technology said it lowered the park's appraisal because of an 8 percent drop in attendance from 2014 to 2016, explaining that the decline factored into the income analysis used to calculate the park's value.
Magic Springs will owe more than $35,000 in 2017 personal property taxes after the Equalization Boarddeclined to adjust the park's personal property valuation, which includes all of its rides and attractions, from the amount on file with the Garland County assessor's office.
Real and personal property taxes for the 2016 tax year are due by Oct. 16.
Metro on 09/26/2017