Arkansas legislation · 95th General Assembly (2025 Regular)
Arkansas HB1912: TO AMEND THE DEFINITION OF "ASSESSED VALUE" FOR PURPOSES OF THE ASSESSMENT OF PROPERTY; AND TO ESTABLISH A METHOD OR PROCEDURE FOR THE VALUATION OF PROPERTY FOR TAXATION PURPOSES UNDER ARKANSAS CONSTITUTION, ARTICLE 16, § 5
Status: Failed, May 5, 2025
What the bill says
An act to be entitled an act to amend the definition of "assessed value" for purposes of the assessment of property; to establish a method or procedure for the valuation of property for taxation purposes under arkansas constitution, article 16, § 5; and for other purposes. subtitle to amend the definition of "assessed value" for purposes of the assessment of property; and to establish a method or procedure for the valuation of property for taxation purposes under arkansas constitution, article 16, § 5.
From the introduced text:
An Act To Be Entitled AN ACT TO AMEND THE DEFINITION OF "ASSESSED VALUE" FOR PURPOSES OF THE ASSESSMENT OF PROPERTY; TO ESTABLISH A METHOD OR PROCEDURE FOR THE VALUATION OF PROPERTY FOR TAXATION PURPOSES UNDER ARKANSAS CONSTITUTION, ARTICLE 16, § 5; AND FOR OTHER PURPOSES. Subtitle TO AMEND THE DEFINITION OF "ASSESSED VALUE" FOR PURPOSES OF THE ASSESSMENT OF PROPERTY; AND TO ESTABLISH A METHOD OR PROCEDURE FOR THE VALUATION OF PROPERTY FOR TAXATION PURPOSES UNDER ARKANSAS CONSTITUTION, ARTICLE 16, § 5. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: SECTION 1. Arkansas Code § 26-26-1122(a)(1), concerning the definitions to be used with respect to the assessment of property and Arkansas Constitution, Amendment 79, is amended to read as follows: (1) "Assessed value" means twenty fifteen percent (20%) (15%) of the appraised value of the real property; SECTION 2. Arkansas Code § 26-26-1123(a), concerning the sale of real property, is amended to read as follows: (a) When a person sells his or her real property, the county assessor shall assess the real property at twenty fifteen percent (20%) (15%) of the *JLL357* 03/31/2025 11:04:45 AM JLL357 HB1912 appraised value at the next assessment date after the date of the transfer of title to the real property. SECTION 3. EFFECTIVE DATE. Sections 1 and 2 of …