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 bill introduces new provisions that require the Assessment Coordination Division to create rules and guidelines for assessing properties that qualify for specific federal tax credits or were constructed with federal assistance.

Additionally, the bill mandates that the Assessment Coordination Division file the final rules with the Secretary of State by January 1, 2026, or as soon as practicable after necessary approvals are obtained. This ensures that the new valuation methods are implemented in a timely manner, allowing for a structured approach to the assessment of affordable housing properties in Arkansas.

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