Browse Arkansas Code titles and sections
26-26-905. Persons holding property.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-26-905. Persons holding property.
(a) Property held under a lease for a term exceeding ten (10) years belonging to a religious, scientific, or benevolent society or institution, whether incorporated or unincorporated, and school, seminary, saline, or other lands shall be considered, for all purposes of taxation, as the property of the person holding them and shall be listed as such by the person or his or her agent, as in other cases.
(b)(1) For purposes of assessing and collecting ad valorem tax, property owned by the state shall be considered the property of the lessee if the property is held under a lease for:
(A) An ongoing commercial or residential purpose; and
(B) A term of actual use or occupation that exceeds ninety (90) days.
(2) Except as provided in this subsection, a lessee of property owned by the state as described under subdivision (b)(1) of this section shall pay ad valorem tax on the property held under the lease for any tax year during which the lease for the property is in effect as of January 1 of that tax year.
(3)(A) Within thirty (30) days of executing a lease described in subdivision (b)(1) of this section, the state shall provide written notification of the lease to the county assessor for the county in which the lease property is located.
(B) The written notification required under subdivision (b)(3)(A) of this section shall state the:
(i) Name and address of the lessee;
(ii) Term of the lease; and
(iii) Description of the leased property.
(4) This subsection does not apply to property owned and leased by the state and used:
(A) For the purpose of housing any one (1) or more of the following:
(i) Students or faculty, or both, of a state institution of higher education;
(ii) Officials or employees, or both, of a st
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-26-905
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:26-26-905
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 89518bce4afd9ed565086ac92a36eecbb4cf4f3e2326b455b04b9bdf15416197
Source location: content.xml paragraph 5215
Stored source content
26-26-905. Persons holding property.
(a) Property held under a lease for a term exceeding ten (10) years belonging to a religious, scientific, or benevolent society or institution, whether incorporated or unincorporated, and school, seminary, saline, or other lands shall be considered, for all purposes of taxation, as the property of the person holding them and shall be listed as such by the person or his or her agent, as in other cases.
(b)(1) For purposes of assessing and collecting ad valorem tax, property owned by the state shall be considered the property of the lessee if the property is held under a lease for:
(A) An ongoing commercial or residential purpose; and
(B) A term of actual use or occupation that exceeds ninety (90) days.
(2) Except as provided in this subsection, a lessee of property owned by the state as described under subdivision (b)(1) of this section shall pay ad valorem tax on the property held under the lease for any tax year during which the lease for the property is in effect as of January 1 of that tax year.
(3)(A) Within thirty (30) days of executing a lease described in subdivision (b)(1) of this section, the state shall provide written notification of the lease to the county assessor for the county in which the lease property is located.
(B) The written notification required under subdivision (b)(3)(A) of this section shall state the:
(i) Name and address of the lessee;
(ii) Term of the lease; and
(iii) Description of the leased property.
(4) This subsection does not apply to property owned and leased by the state and used:
(A) For the purpose of housing any one (1) or more of the following:
(i) Students or faculty, or both, of a state institution of higher education;
(ii) Officials or employees, or both, of a state entity; or
(iii) Official guests of a state entity;
(B) By a private person or entity for the purpose of providing a service to or on behalf of a state entity;
(C) For academic, research, or athletic facilities or purposes;
(D) For business and technology incubators or similar facilities;
(E) For manufacturing or industrial facilities or purposes, including without limitation industrial facilities as described in § 14-164-701; or
(F) By a state entity or nonprofit entity, including without limitation an organization that is otherwise exempt from taxation.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-701. Legislative intent.
(a) It is declared and confirmed that the securing and developing of industry is vital to the economic welfare of the state and its people. To this end, it is necessary that maximum flexibility be given to the Arkansas Development Finance Authority and to the counties and municipalities in the state in their efforts to retain and expand existing industrial facilities and locate new industrial facilities. This task involves the opportunity for the full utilization of the benefits of financing industrial facilities under Arkansas Constitution, Amendment 49 [repealed], and §§ 14-164-201 — 14-164-206, 14-164-208 — 14-164-224, § 14-267-101 et seq., §§ 15-5-101 — 15-5-105, 15-5-207, § 15-5-301 et seq., and the Arkansas Development Finance Authority Bond Guaranty Act of 1985, § 15-5-401 et seq., including the exemption from ad valorem taxation of all industrial facilities that were exempt under Arkansas Constitution, Article 16, § 5, as interpreted by the Supreme Court of Arkansas in Wayland v. Snapp, 232 Ark. 57, 334 S.W.2d 633 (1960).
(b) While concerns using industrial bond financing should be encouraged to make payments in lieu of ad valorem taxes, and that is declared to be the general policy of the General Assembly, the final determination of whether these payments are to be made and, if made, in what amounts should be negotiated and contracted by the counties or municipalities in the state and by the industrial concerns involved under § 14-164-704.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-701
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 14-164-701. This identifies an authority to review, not proof of applicability.