The bill amends the law regarding property tax exemptions for disabled veterans, their surviving spouses, and minor dependent children in Arkansas. It clarifies the eligibility requirements by stipulating that a letter from the Department of Veterans Affairs is only required to be submitted once to establish eligibility for the exemption, eliminating the need for annual submissions. Additionally, it mandates that taxpayers must notify the county collector of any legal changes in their status or changes in property description, ownership, use, or occupancy that may affect their eligibility. If a taxpayer changes their homestead, they must submit a new letter to the county collector for the new location.

Furthermore, the bill introduces provisions for county collectors to address erroneous exemptions. If a county collector determines that an exemption was granted in error, they are required to remove the exemption and may levy up to three years of unpaid property taxes, along with any applicable penalties, interest, and costs, from the taxpayer who claimed the erroneous exemption. The effective date for these amendments is set for assessment years beginning on or after January 1, 2025.

Statutes affected:
Old version HB1072 Original - 12-20-2024 11:17 AM: 26-3-306(b)
Old version HB1072 V2 - 3-19-2025 02:23 PM: 26-3-306(b)
Old version HB1072 V3 - 4-3-2025 09:25 AM: 26-3-306(b), 26-3-306
HB 1072: 26-3-306(b)
Act 876: 26-3-306(b), 26-3-306