All Roll Calls
Yes: 123 • No: 2
ArkansasSB5732025 Regular SessionSenate
TO AMEND THE METHOD OF VALUATION UNDER ARKANSAS CONSTITUTION, ARTICLE 16, § 5, BY DEFINING THE TERMS USED IN THE ESTABLISHED METHODS OF VALUATION FOR PURPOSES OF PROPERTY TAX.
Sponsored By: Jim Petty (Republican), Lane Jean (Republican)
Enacted
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
New Arkansas property tax valuation definitions
For assessment years beginning on or after January 1, 2025, Arkansas law defines terms used to value taxable property. Fair market value means the most likely price between a willing, informed buyer and seller dealing independently. The cost method uses current construction costs plus land value, minus losses in value. The income method uses the present value of projected income from the taxable property. The market method compares similar property sales and adjusts for differences. The law defines value losses from wear, problems within the property, and outside economic factors. It also distinguishes how long property can physically last, remain profitable, and perform its intended function. These definitions do not set new tax rates or establish how much any household's tax bill changes.
Sponsors & Cosponsors
Sponsors
Jim Petty
Republican • Senate
Lane Jean
Republican • House
Cosponsors
Ronald Caldwell
Republican • Senate
Roll Call Votes
House vote • 4/14/2025
House Vote - Monday, April 14, 2025 3:17:27 PM
Yes: 90 • No: 2 • Other: 1
Senate vote • 4/7/2025
Senate Vote - Monday, April 7, 2025 2:55:27 PM
Yes: 33 • No: 0 • Other: 1
Actions Timeline
Notification that SB573 is now Act 783
4/18/2025SenateDELIVERED TO GOVERNOR.
4/15/2025SenateReported correctly enrolled and ordered delivered to the Governor.
4/15/2025SenateORDERED ENROLLED
4/14/2025SenateReturned from the House as passed.
4/14/2025SenateReturned to the Senate as passed.
4/14/2025HouseRead the third time and passed and ordered transmitted to the Senate.
4/14/2025HouseReturned by the Committee Do Pass
4/9/2025HouseRead the first time, rules suspended, read the second time and referred to the Committee on AGRICULTURE, FORESTRY & ECONOMIC DEVELOPMENT- HOUSE
4/7/2025HouseRECEIVED FROM THE SENATE
4/7/2025HouseOrdered immediately transmitted to the House.
4/7/2025SenateRead the third time and passed.
4/7/2025SenateReturned by the Committee, with the recommendation that it Do Pass
4/2/2025SenateRead first time, rules suspended, read second time, referred to REVENUE & TAX - SENATE
3/31/2025SenateFiled
3/28/2025Senate
Bill Text
SB573 - Introduced
3/28/2025
Act Version
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