The bill amends existing laws governing the management and sale of tax-delinquent lands by the Commissioner of State Lands in Arkansas, introducing several key changes. It standardizes terminology by replacing "land" with "parcel" throughout the legislation and establishes new provisions for the handling of funds from the sale of tax-delinquent parcels, mandating that all proceeds be deposited into a financial institution in Arkansas or U.S. Treasury Securities. Additionally, the bill outlines a verification process by county assessors to ensure that only verified parcels are certified for sale, clarifies publication requirements for sale notices, and addresses the distribution of funds collected from sales or redemptions to counties and municipal taxing units. It also repeals outdated provisions regarding escrow funds and sets a two-year holding period for any funds in escrow before they escheat to the county.

In a related amendment, the bill clarifies the processes surrounding the redemption of forfeited land parcels, stating that the redemption deed serves as proof of payment without altering legal ownership. It requires the county collector to extend taxes on the parcel for unpaid years since the sale to the state, with proceeds from redemption divided between the county and the state. Furthermore, the bill repeals Arkansas Code 26-37-313, which allowed for the reassessment of forfeited land parcels based on depreciation, thus streamlining the redemption process and potentially affecting future valuations and taxation of such parcels.

Statutes affected:
Old version HB1191 V2 - 1-26-2023 09:02 AM: 21-6-203(c), 26-37-103, 01-26-2023, 26-26-717, 26-26-719, 26-37-201(a), 26-37-201(b), 26-37-201(d), 26-37-205(a), 26-37-205(b), 26-37-205(c), 26-37-303(a), 26-37-303(b)
Old version HB1191 V3 - 2-6-2023 09:01 AM: 21-6-203(c), 26-37-103, 02-06-2023, 26-37-201(a), 26-37-201(b), 26-37-201(d), 26-37-205(a), 26-37-205(b), 26-37-205(c), 26-37-303(a), 26-37-303(b)
HB 1191: 21-6-203(c), 26-37-103, 02-06-2023, 26-37-201(a), 26-37-201(b), 26-37-201(d), 26-37-205(a), 26-37-205(b), 26-37-205(c), 26-37-303(a), 26-37-303(b)
Act 172: 21-6-203(c), 26-37-103, 02-06-2023, 26-37-201(a), 26-37-201(b), 26-37-201(d), 26-37-205(a), 26-37-205(b), 26-37-205(c), 26-37-303(a), 26-37-303(b)