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26-26-307. Completion of reappraisal — Suspension of penalties.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-26-307. Completion of reappraisal — Suspension of penalties.
(a) When there is a countywide reappraisal of property for ad valorem tax purposes in any county, which reappraisal is conducted over a period of two (2) or more years, taxes shall not be assessed on the basis of the reappraised value of any property in the county until all taxable property in the county has been reappraised. When a countywide reappraisal of property is completed in any county and taxes are first assessed on the newly reappraised values, the provisions of Arkansas Constitution, Amendment 59, and § 26-26-401 et seq. relative to the adjustment or rollback of millage levied for ad valorem tax purposes shall be applicable.
(b) Provided that newly discovered real property, new construction and improvements to real property, and personal property, shall be listed, appraised and assessed as otherwise provided by law until the countywide reappraisal of property is completed.
(c) No county which is conducting a comprehensive countywide reappraisal of property for ad valorem tax purposes which is in progress on the third Monday in November in any year, or any municipality or school district therein, shall be subject to any penalties provided in § 26-26-304 for such fiscal year if the following requirements are met:
(1) The reappraisal meets the requirements of § 26-26-401; and
(2) The reappraisal is conducted in accordance with a plan which has been approved by the Assessment Coordination Division and provides that the reappraisal will be completed within twenty-four (24) months following the date of such approval.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-26-307
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:26-26-307
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 99969adcc0dbab1e95c38a41273d7bde34ff42d931c891235c938cd239887d4c
Source location: content.xml paragraph 4460
Stored source content
26-26-307. Completion of reappraisal — Suspension of penalties.
(a) When there is a countywide reappraisal of property for ad valorem tax purposes in any county, which reappraisal is conducted over a period of two (2) or more years, taxes shall not be assessed on the basis of the reappraised value of any property in the county until all taxable property in the county has been reappraised. When a countywide reappraisal of property is completed in any county and taxes are first assessed on the newly reappraised values, the provisions of Arkansas Constitution, Amendment 59, and § 26-26-401 et seq. relative to the adjustment or rollback of millage levied for ad valorem tax purposes shall be applicable.
(b) Provided that newly discovered real property, new construction and improvements to real property, and personal property, shall be listed, appraised and assessed as otherwise provided by law until the countywide reappraisal of property is completed.
(c) No county which is conducting a comprehensive countywide reappraisal of property for ad valorem tax purposes which is in progress on the third Monday in November in any year, or any municipality or school district therein, shall be subject to any penalties provided in § 26-26-304 for such fiscal year if the following requirements are met:
(1) The reappraisal meets the requirements of § 26-26-401; and
(2) The reappraisal is conducted in accordance with a plan which has been approved by the Assessment Coordination Division and provides that the reappraisal will be completed within twenty-four (24) months following the date of such approval.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-26-304. Ratio of assessed value to market value in the assessment year that reappraised values are placed on the assessment rolls.
(a)(1)(A) The Assessment Coordination Division shall prepare a ratio study for the purpose of determining the average ratio of full assessed value to the true and full market or actual value of real property, by classifications, in each of the several counties and school districts of the state in the assessment year that reappraised values are placed on the assessment rolls.
(B)(i) This ratio study shall be based on sales-to-assessment ratios, supplemented with appraisal to assessment ratios as required to meet generally accepted statistical techniques.
(ii) The study shall determine the actual assessment level of real estate as required by law, including the value of agricultural lands that qualify for use and productivity valuation, by classification such as residential, commercial and industrial, agricultural, and other classifications.
(iii) No later than January 31 of every year, all counties shall report, by electronic transmission, sales data to the division. The sales data shall include:
(a) A listing of each property transferred under a warranty deed or special warranty deed;
(b) The consideration paid;
(c) The date of the sale;
(d) The parcel number;
(e) The legal description;
(f) The names of the grantor and grantee;
(g) The most recent assessed value of the property; and
(h) Other data prescribed by the division.
(iv)(a) The sales-to-assessment ratio study shall include sales data for the calendar year previous to the assessment year.
(b) In those instances when the number of appropriate sales from the calendar year previous to the assessment year is insufficient to present a statistically sound sam
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-26-304
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 26-26-304. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-26-401. Applicability.
The provisions of this subchapter relative to the adjustment or rollback of millage levied for ad valorem tax purposes shall be applicable only where there is a countywide or statewide reappraisal of property:
(1) Pursuant to court order;
(2) Pursuant to directive of law enacted by the General Assembly;
(3) When the reappraisal is initiated by the county assessor, the county equalization board, by directive of the county quorum court, or upon request of one (1) or more taxing units of a county, and is determined and certified by the Assessment Coordination Division as constituting a comprehensive countywide reappraisal; or
(4) When ordered by or implemented by a county pursuant to a directive of the division or its successor agency.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-26-401
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 26-26-401. This identifies an authority to review, not proof of applicability.