Amendment 79 was modified and clarified by Act 2284, which removes the caps put in place by the amendment after the transfer of a property. The millage could go higher an dis not capped, which means you could have had the maximum increase of 5% but your mil could have been increased which could account for a total percentage increase.
Any increase in value is limited (capped) to not more than five percent (5%) of the assessed value of the property for the previous year, but it shall increase by an additional five percent (5%) each year until it reaches that full assessed value, Ark. Constitution Amd. 79 Sec. 1(c)(1). This provision does not apply to newly discovered real property, new construction, or substantial improvement to real property, Ark. Constitution Amd. 79 Sec. 1(c)(2). If you made any improvements this could account for the increase.
If the owner adds improvements the applicable current five (5%) or ten percent (10%) increase would be added to the previous assessed value and twenty percent (20%) of the value of the improvement would be added to the taxpayer's assessed value of his property and taxed accordingly, ACA 26-26-1122.
If this is your main home and none of the above applies then make your appeal. No improvements, no transfer of ownership, your main home that you filed for homestead exemption, all should fall under the lower amount.