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, as outlined in Arkansas Code 26-26-1122(a)(1). Additionally, it modifies the assessment procedure for real property sales, stating that the county assessor will assess the property at fifteen percent (15%) of the appraised value at the next assessment date following the transfer of title, as per Arkansas Code 26-26-1123(a).

Furthermore, the bill establishes an effective date for these changes, stating that the new assessment percentages will apply to assessment years beginning on or after January 1, 2026. This legislative change aims to provide a clearer and more consistent method for property valuation for taxation purposes in accordance with the Arkansas Constitution, Article 16, Section 5.

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