Arkansas legislation · 95th General Assembly (2025 Regular)
Arkansas SB573: TO AMEND THE METHOD OF VALUATION UNDER ARKANSAS CONSTITUTION, ARTICLE 16, § 5, BY DEFINING THE TERMS USED IN THE ESTABLISHED METHODS OF VALUATION FOR PURPOSES OF PROPERTY TAX
Status: Chaptered, April 18, 2025
What the bill says
An act to be entitled an act to amend the method of valuation under arkansas constitution, article 16, § 5, by defining the terms used in the established methods of valuation for purposes of property tax; to clarify and define a standard of valuation for property tax; and for other purposes. subtitle to amend the method of valuation under arkansas constitution, article 16, § 5, by defining the terms used in the established methods of valuation for purposes of property tax.
From the enrolled text:
An Act To Be Entitled AN ACT TO AMEND THE METHOD OF VALUATION UNDER ARKANSAS CONSTITUTION, ARTICLE 16, § 5, BY DEFINING THE TERMS USED IN THE ESTABLISHED METHODS OF VALUATION FOR PURPOSES OF PROPERTY TAX; TO CLARIFY AND DEFINE A STANDARD OF VALUATION FOR PROPERTY TAX; AND FOR OTHER PURPOSES. Subtitle TO AMEND THE METHOD OF VALUATION UNDER ARKANSAS CONSTITUTION, ARTICLE 16, § 5, BY DEFINING THE TERMS USED IN THE ESTABLISHED METHODS OF VALUATION FOR PURPOSES OF PROPERTY TAX. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: SECTION 1. DO NOT CODIFY. Legislative intent. The General Assembly intends for this act to be remedial and to clarify the law. SECTION 2. Arkansas Code Title 26, Chapter 23, Subchapter 1, is amended to add an additional chapter to read as follows: 26-23-101. Definitions. As used in this subtitle: (1) "Cost approach" means an approach used to estimate the fair market value of property based on the estimated current cost to construct improvements plus the value of the land minus all forms of depreciation, *JLL314* 03/28/2025 9:06:16 AM JLL314 SB573 including without limitation any loss in value caused by physical deterioration, functional obsolescence, economic obsolescence, or any combination of physical deterioration, functional obsolescence, or economic obsolescence; (2) "Economic life" means the period of time over which …