Stricken language would be deleted from and underlined language would be added to present law.
1 State of Arkansas
2 93rd General Assembly A Bill
3 Regular Session, 2021 HOUSE BILL 1692
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5 By: Representative Vaught
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7 For An Act To Be Entitled
8 AN ACT TO AMEND THE LAW GOVERNING THE VALUATION OF
9 PRODUCING MINERAL INTERESTS; TO IMPROVE THE VALUATION
10 PROCESS FOR PRODUCING MINERAL INTERESTS TO MORE
11 ACCURATELY REFLECT PROPERTY VALUES; AND FOR OTHER
12 PURPOSES.
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15 Subtitle
16 TO AMEND THE LAW GOVERNING THE VALUATION
17 OF PRODUCING MINERAL INTERESTS; AND TO
18 IMPROVE THE VALUATION PROCESS FOR
19 PRODUCING MINERAL INTERESTS TO MORE
20 ACCURATELY REFLECT PROPERTY VALUES.
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23 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
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25 SECTION 1. Arkansas Code 26-26-1110(c)(4), concerning the valuation
26 of producing mineral interests for purposes of ad valorem taxation, is
27 amended to read as follows:
28 (4)(A) When a nonproducing mineral right begins producing
29 minerals, the mineral right shall be assessed for tax purposes in accordance
30 with rules established by the Assessment Coordination Division.
31 (B) To assist county assessors in assessing the value of
32 producing mineral interests, the Assessment Coordination Division shall
33 annually develop and publish methods, valuation tables, and other data
34 regarding the valuation of producing mineral interests.
35 (C) The Assessment Coordination Division shall annually
36 update the valuation tables for assessing mineral interests or rights in
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 HB1692
1 producing mineral interests in time for county assessors to use the updated
2 tables when completing county-wide appraisals.
3 (D) The county assessor shall use the Assessment
4 Coordination Division's most recent valuation tables and guidelines when
5 assessing mineral interests or rights in producing mineral interests.
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