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 govern the assessment of property and the assessment process following the sale of real property, respectively.

Additionally, the bill establishes that the new assessed value percentage will take effect for assessment years beginning on or after January 1, 2026. This change aims to provide a more favorable valuation method for property taxation in Arkansas, aligning with the provisions of the Arkansas Constitution, Article 16, Section 5.

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