This bill amends Arkansas property assessment laws by repealing the requirement for property owners to list or report personal property subject to taxation. It modifies Arkansas Code 26-26-201(a)(2)(A) to change the terminology from "listed for assessment" to "assessed," and it repeals Arkansas Code 26-26-201(d), which imposed penalties on delinquent assessments, including late listing fees. The bill also replaces the term "listed" with "assessed" in multiple sections, streamlining the language related to property assessment and simplifying the process for property owners.

Additionally, the bill introduces new provisions regarding the assessment of real property, clarifying the responsibilities of county assessors and the assessment process for properties held under lease agreements. It specifies that real property owned by the state and leased for commercial or residential purposes will be assessed to the lessee, with the state required to notify county assessors of such leases. The bill also mandates that the Assessment Coordination Division provide guidelines for assessing nonexempt property and outlines the responsibilities of merchants and manufacturers in reporting their property for tax assessment. The amendments will take effect for assessment years beginning on or after January 1, 2026, aiming to enhance clarity and reduce the administrative burden on property owners.

Statutes affected:
HB 1911: 26-26-201(a), 26-26-201(d), 26-26-307(b), 26-26-502, 26-26-701, 26-26-714, 26-26-901, 26-26-902, 26-26-1114, 26-26-903, 26-26-906, 26-26-904, 26-26-905, 14-164-701, 26-26-908, 26-26-909, 26-26-910, 26-26-911(a), 26-26-914, 26-26-1113, 26-26-1202(c), 26-26-1202(e), 26-26-1203(b), 26-26-1204, 26-26-1205, 26-26-1203, 26-26-1602(b), 26-26-1603(a), 26-26-1608, 26-26-1611(1)