The bill aims to establish a method for the fair and equitable valuation of real property used for affordable housing in Arkansas. It emphasizes the importance of assessing all housing-related properties, particularly those with federally or state-imposed restrictions, such as rent limitations or operational requirements. The Assessment Coordination Division is tasked with creating rules and guidelines to ensure these properties are assessed fairly, especially those eligible for income tax credits or constructed with federal housing programs.

Additionally, the bill outlines a timeline for the Assessment Coordination Division to adopt and file these rules with the Secretary of State by January 1, 2026, or as soon as practicable after necessary approvals are obtained. This structured approach aims to enhance the valuation process for affordable housing, ensuring that it aligns with the legislative intent of promoting equitable housing assessments in Arkansas.

Statutes affected:
Old version HB1894 V2 - 4-8-2025 09:48 AM: 26-26-1202
Old version HB1894 Original - 3-31-2025 08:19 AM: 26-26-1202
HB 1894: 26-26-1202
Act 842: 26-26-1202