26-26-404. Computation and certification form.

26-26-404. Computation and certification form. (a)(1) The governing body of each taxing unit in the base year of countywide reassessment shall complete the following form and return the form to the county clerk on or before the third Monday in November of the base year, using certified data provided by the county clerk as described in § 26-26-402. (2) The form shall be signed by the officers of the governing body of each taxing unit. (b)(1) If newly discovered and new construction properties are less than a ten percent (10%) increase in assessments, the governing body of each taxing unit may elect to increase the rolled back millage an amount to allow no more than an overall ten percent (10%) increase in taxes. (2) If the newly discovered and new construction property list is ten percent (10%) or more above reassessment total, the total amount is allowed; however, no increase in the rolled back millage shall be considered. (c) Each tax source or millage levy shall be computed and rounded up to the nearest one-tenth (1/10) mill. (d) The county clerk shall file and record the completed forms required in § 26-26-403 and this section and shall forward a copy of the forms to the Assessment Coordination Division by December 1 of the base year. Base Year Millage Rollback Computation and Certification Form COUNTY: TAXING UNIT: DATE: 1. Compute the following to discover total of reassessed property: a. Total base year assessments b. Less newly discovered, new construction properties c. Equals total reassessed properties 2. Compute the following to find the zero-increase millage adjustment: a. Base-year taxes certified for collection b. Divided by reassessed properties c. Equals zero-increase millage 3. Compute the following to find the percentage of newly discovered property: a. Newly discovered, new con- struction properties b. Divided by total assessed properties c. Equals percent newly discovered 4. Millage adjustment option: a. Maximum increase option 10% b. Minus newly discovered property percentage c. Allowable optional millage increase 5. To compute millage adjustment option if applicable: a. Rolled back zero-base millage b. Times allowed optional millage increase percent c. Equals indicated overall millage of 6. Each tax source or levy shall be adjusted by applying the following computed multipliers and adjusting to the next highest one-tenth (1/10) mill: a. Overall millage from 5.c. above b. Divided by previous millage prior to base year c. Equals multiplier 7. Compute each tax source or levied millage in the following table: Tax Source Previous Millage x Multiplier = Adjusted Rounded Millage/Millage x = / x = / x = / x = / x = / x = / x = / Total Millage = Minimum Millage Required by Arkansas Constitution, Amendment 74 = Minimum Millage to be Levied (Greater of above) = CERTIFICATION: Signatures 8. Proration of minimum millage by tax source if applicable: a. Millage to be levied b. Divided by total previous millage c. Equals multiplier d. Compute each tax source or levied millage in the following table: Tax Source Previous Millage x Multiplier = Adjusted Rounded Millage/Millage x = / x = / x = / x = / x = / x = / x = / Total Millage = 9. TOTAL MILLAGE TO BE LEVIED Click to view form. CERTIFICATION: Signatures Click to view table.