Browse Arkansas Code titles and sections
26-26-1207. Motor vehicle dealer inventory.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-26-1207. Motor vehicle dealer inventory.
(a) The General Assembly recognizes that motor vehicles are unique in regard to the procedure for assessment of personal property taxes, registration and titling, and payment of sales taxes and that there is a correlation between sales of motor vehicles by motor vehicle dealers and the valuation of motor vehicle inventory.
(b) The method of determining the average value of inventory of motor vehicle dealers in accordance with § 26-26-1201 and § 26-26-1203(b) shall be as provided in this section.
(c) The assessment of motor vehicle inventories of motor vehicle dealers shall be determined by calculating the monthly average of the number of sales of new and used motor vehicles by the dealer and multiplying the average by the unit inventory value.
(d) The unit inventory value shall be based on the typical new and used car values by name of manufacturer as set forth in the Arkansas Commercial Personal Property Appraisal Manual published in the year prior to the year of assessment by the Assessment Coordination Division.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-26-1207
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:26-26-1207
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8fdb7a068613871f4aa5a54d3c451978df63638ff46f19abe7c587f6c605334f
Source location: content.xml paragraph 6072
Stored source content
26-26-1207. Motor vehicle dealer inventory.
(a) The General Assembly recognizes that motor vehicles are unique in regard to the procedure for assessment of personal property taxes, registration and titling, and payment of sales taxes and that there is a correlation between sales of motor vehicles by motor vehicle dealers and the valuation of motor vehicle inventory.
(b) The method of determining the average value of inventory of motor vehicle dealers in accordance with § 26-26-1201 and § 26-26-1203(b) shall be as provided in this section.
(c) The assessment of motor vehicle inventories of motor vehicle dealers shall be determined by calculating the monthly average of the number of sales of new and used motor vehicles by the dealer and multiplying the average by the unit inventory value.
(d) The unit inventory value shall be based on the typical new and used car values by name of manufacturer as set forth in the Arkansas Commercial Personal Property Appraisal Manual published in the year prior to the year of assessment by the Assessment Coordination Division.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-26-1201. Date of valuation.
All property in this state shall be assessed by the authorized authorities according to its value on January 1. However, stocks of merchants and manufacturers shall be assessed at the value of the average stock in possession or under control during the year immediately preceding January 1 of the year in which assessment is required.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-26-1201
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-26-1201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-26-1203. Merchants.
(a) Any person owning or having in his or her possession or under his or her control, within this state, with authority to sell it, any personal property purchased with a view to its being sold at a profit, or which has been consigned to him or her from any place out of this state, to be sold within this state, shall be held to be a merchant for the purpose of this valuation.
(b)(1) The property shall be listed for taxation and in estimating the value the merchant shall take the average value of the property in his or her possession or under his or her control during the year immediately preceding January 1 of the year in which the assessment is made.
(2) If the merchant has not been engaged in the business for one (1) year, then he or she shall take the average valuation during such time as he or she shall have been so engaged.
(3) If the merchant is commencing business, he or she shall take the value of the property at the time of assessment.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-26-1203
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-26-1203. This identifies an authority to review, not proof of applicability.