This bill amends the definition of "assessed value" for property assessment purposes in Arkansas. Specifically, it changes the assessed value from twenty percent (20%) to fifteen percent (15%) of the appraised value of real property. This adjustment is reflected in the amendments to Arkansas Code 26-26-1122(a)(1) and 26-26-1123(a), which outline the valuation of property for taxation and the assessment process following the sale of real property.

Additionally, the bill establishes that the new assessed value will take effect for assessment years beginning on or after January 1, 2026. This change aims to provide a more favorable tax assessment for property owners in Arkansas by lowering the percentage used to calculate assessed value.

Statutes affected:
HB 1912: 26-26-1122(a), 26-26-1123(a)