The bill amends the law regarding the assessment of property and the payment of property taxes in Arkansas, specifically focusing on the assessment timeline for tangible personal property acquired by new residents and businesses. It increases the assessment period from thirty days to sixty days for taxable tangible personal property acquired between January 1 and May 31, with the exception of property acquired during the period from April 1 through May 31. This change aims to provide taxpayers with additional time to assess their property without incurring delinquency.

Additionally, the bill stipulates that the ten percent penalty for delinquent assessments will not apply to tangible personal property eligible for assessment through May 31, provided it is assessed by that date. If May 31 falls on a weekend or postal holiday, the deadline is extended to the next business day. The amendments also reflect the change in the assessment period for property acquired during the specified timeframe, aligning it with the new sixty-day assessment window.

Statutes affected:
HB 1759: 26-26-1408(a)
Act 551: 26-26-1408(a)