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26-27-322. Change in market value — Board procedure.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-27-322. Change in market value — Board procedure.
(a) The purpose of this section is to:
(1) Set out the procedure for a county equalization board to follow when changing real property values in a year when a county is not completing reappraisal; and
(2) Require the county equalization board to consult with the Assessment Coordination Division to utilize data compiled under the division's sales ratio study.
(b) If in the judgment of the county equalization board or the county judge based upon current economic conditions a number of real estate parcels in a county may have decreased in market value since the last countywide reappraisal, then the county equalization board may by its motion or the county judge may petition for the county equalization board to enter into a special session to determine what action is needed under this section to address the decrease in market value.
(c) The county equalization board shall not take action as proposed in the special session under subsection (b) of this section until the county equalization board has:
(1) Consulted the county assessor on the proposed action in the special session;
(2) Consulted the division on the proposed action in the special session; and
(3) Analyzed the current real estate market in the county.
(d) The county equalization board may employ a professional appraisal manager to analyze the current real estate market in the county to fulfill its obligation under subdivision (c)(3) of this section.
(e) If the county equalization board determines in the special session that action is needed under this section, the county equalization board shall adjust market values of real estate in the county under the methodology established by the rules of the division.
(f) The division shall promulgat
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-27-322
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:26-27-322
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 56547b7aaa2058ed718f79f330a9ed09463c7ee3e3583148c81d047919621020
Source location: content.xml paragraph 7487
Stored source content
26-27-322. Change in market value — Board procedure.
(a) The purpose of this section is to:
(1) Set out the procedure for a county equalization board to follow when changing real property values in a year when a county is not completing reappraisal; and
(2) Require the county equalization board to consult with the Assessment Coordination Division to utilize data compiled under the division's sales ratio study.
(b) If in the judgment of the county equalization board or the county judge based upon current economic conditions a number of real estate parcels in a county may have decreased in market value since the last countywide reappraisal, then the county equalization board may by its motion or the county judge may petition for the county equalization board to enter into a special session to determine what action is needed under this section to address the decrease in market value.
(c) The county equalization board shall not take action as proposed in the special session under subsection (b) of this section until the county equalization board has:
(1) Consulted the county assessor on the proposed action in the special session;
(2) Consulted the division on the proposed action in the special session; and
(3) Analyzed the current real estate market in the county.
(d) The county equalization board may employ a professional appraisal manager to analyze the current real estate market in the county to fulfill its obligation under subdivision (c)(3) of this section.
(e) If the county equalization board determines in the special session that action is needed under this section, the county equalization board shall adjust market values of real estate in the county under the methodology established by the rules of the division.
(f) The division shall promulgate rules to:
(1) Set out the procedure for a county equalization board to make a determination whether action is needed under this section; and
(2) Establish the methodology to be used when adjusting the market values of real property.
(g) If the county equalization board fails to follow the methodology to adjust real estate values as set out in the division's rules, the county equalization board shall be subject to withholding of funds from the Arkansas Real Property Reappraisal Fund under § 26-26-1907.
(h) A special session convened under this section is subject to the procedures for a special session of the county equalization board under § 26-27-312.
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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. The source passage cites 26-26-1907. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-27-312. Special session for purpose of planning work.
(a)(1) The county equalization board, on petition of the county judge or on its own motion, shall, at any time, convene in special session for the purpose of planning its work of equalization of property assessments.
(2) For this purpose only, the county equalization board shall be vested and charged with all the powers and duties with which the county equalization board is vested and charged when meeting in regular session. In addition, the county equalization board shall be empowered to employ qualified appraisers, abstractors, or other persons needed to appraise properties, which appraisal the county equalization board may need in the discharge of its duties.
(b)(1) The expense of any special session of the county equalization board, including the expense for employment of appraisers, abstractors, and other persons needed shall be allowed and paid from the general fund of the county.
(2) The general fund of the county shall be reimbursed by transfer to it from the funds of the respective taxing units of the county, and the amount to be contributed by each taxing unit shall be in the proportion that the total of the ad valorem taxes collected for the benefit of each taxing unit bears to the total of the ad valorem taxes collected for the benefit of all taxing units during the collection period next following the special session.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-27-312
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 26-27-312. This identifies an authority to review, not proof of applicability.