Cave Springs to refund property taxes to residents
CAVE SPRINGS, Ark. (AP) -- A northwest Arkansas city is planning to refund about $242,000 to property owners after officials decided not to appeal a judge's decision that barred the city from collecting money from 2016 property taxes.
The Cave Springs City Council voted Tuesday night to accept the recent ruling by County Judge Barry Moehring.
The decision means the city has lost almost $400,000. City attorney Justin Eichmann says that's almost a quarter of the city's annual budget.
Eichmann and county attorney George Spence say the next step for the refund will be getting a formal order outlining the process.
Eichmann says all of the money collected as property taxes by the city will be returned to residents. He says the order should take about a week to process, but the refund could take months.