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26-26-1907. Arkansas Real Property Reappraisal Fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-26-1907. Arkansas Real Property Reappraisal Fund.
(a)(1) There is created a fund to be known as the “Arkansas Real Property Reappraisal Fund”.
(2) The proceeds of the fund shall be used to pay counties and professional reappraisal companies for the reappraisal of real property required by this subchapter and shall be in lieu of real property reappraisal funding by the local taxing units in each county of this state.
(b) For cause and after an opportunity for a hearing, the Director of the Assessment Coordination Division may suspend or terminate the contract of any appraisal firm or county.
(c)(1) The fund proceeds shall be distributed monthly, except when there is a determination by the division that proper reappraisal procedures established by the division are not being followed.
(2)(A)(i) Upon a finding by the division that proper reappraisal procedures are not being followed, the county assessor or contractor shall be notified that the reappraisal is out of compliance with accepted guidelines as established in this subchapter and rules enacted pursuant to this subchapter.
(ii) The division shall notify the county assessor or contractor in writing that the county assessor or contractor has thirty (30) days in which to bring the reappraisal into compliance.
(B) If there is a further finding that proper reappraisal procedures are not being followed, the contract shall be promptly terminated and the division shall negotiate another contract and reappraisal management plan for the completion of the reappraisal project.
(d) Based on its expertise and the criteria and requirements set forth in this subchapter, the division shall establish by rule the findings that indicate proper reappraisal procedures are not being followed.
(e) At the end of each cou
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-26-1907
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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Stable record: arkansas_code:legal_authorities:26-26-1907
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7530ae7693622005895d1c6958a69d827eb8dae387978239b6e02b82c3b368c7
Source location: content.xml paragraph 6887
Stored source content
26-26-1907. Arkansas Real Property Reappraisal Fund.
(a)(1) There is created a fund to be known as the “Arkansas Real Property Reappraisal Fund”.
(2) The proceeds of the fund shall be used to pay counties and professional reappraisal companies for the reappraisal of real property required by this subchapter and shall be in lieu of real property reappraisal funding by the local taxing units in each county of this state.
(b) For cause and after an opportunity for a hearing, the Director of the Assessment Coordination Division may suspend or terminate the contract of any appraisal firm or county.
(c)(1) The fund proceeds shall be distributed monthly, except when there is a determination by the division that proper reappraisal procedures established by the division are not being followed.
(2)(A)(i) Upon a finding by the division that proper reappraisal procedures are not being followed, the county assessor or contractor shall be notified that the reappraisal is out of compliance with accepted guidelines as established in this subchapter and rules enacted pursuant to this subchapter.
(ii) The division shall notify the county assessor or contractor in writing that the county assessor or contractor has thirty (30) days in which to bring the reappraisal into compliance.
(B) If there is a further finding that proper reappraisal procedures are not being followed, the contract shall be promptly terminated and the division shall negotiate another contract and reappraisal management plan for the completion of the reappraisal project.
(d) Based on its expertise and the criteria and requirements set forth in this subchapter, the division shall establish by rule the findings that indicate proper reappraisal procedures are not being followed.
(e) At the end of each countywide reappraisal, the division shall issue a report of the status of the county.
(f) Reappraisal funding under this section may be withheld and forfeited under § 26-80-101(b)(4)(A).
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-80-101. Uniform rate of tax — Definitions.
(a) There is established a uniform rate of ad valorem property tax of twenty-five (25) mills to be levied on the assessed value of all taxable real property, personal property, and utility property in the state to be used solely by school districts to which it may be distributed according to law for maintenance and operation of the schools.
(b)(1)(A) The uniform rate of tax shall be assessed and collected in the same manner as other school property taxes, but the net revenues from the uniform rate of tax shall be remitted to the Treasurer of State and distributed by the state to the county treasurer of each county for distribution to the school districts in that county as provided by subsection (c) of this section.
(B) No portion of the revenues from the uniform rate of tax shall be retained by the state but shall be distributed back to the school district from which the revenues were received or to other school districts pursuant to subsection (c) of this section.
(C) No additional fees or charges shall be assessed at the local level for transmission and redistribution of these funds.
(D) The revenues so distributed shall be used by the school districts solely for maintenance and operation of schools.
(2)(A) The Treasurer of State shall establish procedures, forms, and documentation requirements for the certification of net revenues produced by the uniform rate of tax to be deposited with the Treasurer of State and redistributed as provided by law.
(B) Further, the Treasurer of State shall establish procedures, forms, and documentation requirements for the actual deposit and redistribution of the net revenues produced by the uniform rate of tax.
(3) Each county treasurer shall execute an electronic funds tra
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-80-101
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 26-80-101. This identifies an authority to review, not proof of applicability.