# Arkansas SB573: 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.

Arkansas SB573, 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., is a 2025 Regular Session Senate bill sponsored by Jim Petty (Republican), Lane Jean (Republican); status enacted, last action 2025-04-18 (Notification that SB573 is now Act 783) (as of 2026-10-19).

- Canonical: https://policyrisk.com/state-bill/AR-SB573-2025
- As of: 2026-10-19
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: Arkansas SB573
- State: Arkansas
- Session: 2025 Regular Session
- Title: 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.
- Status: enacted
- Chamber: Senate
- Introduced: 2025-03-28
- Last action: 2025-04-18, Notification that SB573 is now Act 783
- Sponsors: Jim Petty (Republican), Lane Jean (Republican)
- Cosponsors: 1
- Touches household money: no
- Roll calls: 2 (123 yes, 2 no in all)
- Economic provisions PRIA read: 1

## Summary

No summary available.

## Bill overview: provisions PRIA read

- New Arkansas property tax valuation definitions: mixed, low. 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, m…

## Sponsors and cosponsors

- Sponsor: Jim Petty (Republican), Senate
- Sponsor: Lane Jean (Republican), House
- Cosponsor: Ronald Caldwell (Republican), Senate

## Roll call votes

| Date | Chamber | Motion | Result | Yes | No | Other |
| --- | --- | --- | --- | --- | --- | --- |
| 2025-04-14 | House | House Vote - Monday, April 14, 2025 3:17:27 PM | pass | 90 | 2 | 1 |
| 2025-04-07 | Senate | Senate Vote - Monday, April 7, 2025 2:55:27 PM | pass | 33 | 0 | 1 |

## Actions (15)

- 2025-04-18: Notification that SB573 is now Act 783 (Senate)
- 2025-04-15: DELIVERED TO GOVERNOR. (Senate)
- 2025-04-15: Reported correctly enrolled and ordered delivered to the Governor. (Senate)
- 2025-04-14: ORDERED ENROLLED (Senate)
- 2025-04-14: Returned from the House as passed. (Senate)
- 2025-04-14: Returned to the Senate as passed. (House)
- 2025-04-14: Read the third time and passed and ordered transmitted to the Senate. (House)
- 2025-04-09: Returned by the Committee Do Pass (House)
- 2025-04-07: Read the first time, rules suspended, read the second time and referred to the Committee on AGRICULTURE, FORESTRY & ECONOMIC DEVELOPMENT- HOUSE (House)
- 2025-04-07: RECEIVED FROM THE SENATE (House)
- 2025-04-07: Ordered immediately transmitted to the House. (Senate)
- 2025-04-07: Read the third time and passed. (Senate)
- 2025-04-02: Returned by the Committee, with the recommendation that it Do Pass (Senate)
- 2025-03-31: Read first time, rules suspended, read second time, referred to REVENUE & TAX - SENATE (Senate)
- 2025-03-28: Filed (Senate)

## Bill text

- SB573 - Introduced, 2025-03-28: [PDF](https://www.arkleg.state.ar.us/Home/FTPDocument?path=%2FBills%2F2025R%2FPublic%2FSB573.pdf)
- Act Version: [PDF](https://www.arkleg.state.ar.us/Acts/FTPDocument?path=%2FACTS%2F2025R%2FPublic%2F&file=783.pdf&ddBienniumSession=2025%2F2025R)

## Related bills

- HB1265: AN ACT FOR THE UNIVERSITY OF ARKANSAS AT LITTLE ROCK APPROPRIATION FOR THE 2025-2026 FISCAL YEAR. (enacted)
- HB1237: TO PROHIBIT MEDICAL PROFESSIONALS FROM SOLICITING INJURED INDIVIDUALS; AND TO SET PENALTIES FOR A VIOLATION OF THE PROHIBITION OF SOLICITATION OF INJURED INDIV… (failed)
- HB1686: TO AMEND THE LAW CONCERNING LICENSES TO CARRY CONCEALED HANDGUNS. (failed)
- SB440: TO AMEND THE LAW CONCERNING EMBALMERS AND FUNERAL DIRECTORS; TO REGULATE THE USE OF ALKALINE HYDROLYSIS; AND TO REGULATE ALKALINE HYDROLYSIS FACILITIES. (failed)
- HB1695: TO CLARIFY THE FORECLOSURE PROCESS FOR PROPERTY SUBJECT TO A MUNICIPAL LIEN; TO ALLOW A MUNICIPALITY TO PETITION TO SET ASIDE THE SALE OF PROPERTY TO CERTAIN P… (failed)
- HR1012: TO AMEND THE RULES OF THE HOUSE OF REPRESENTATIVES OF THE NINETY-FIFTH GENERAL ASSEMBLY; TO REQUIRE THAT A MEMBER OF THE HOUSE OF REPRESENTATIVES BE SELECTED A… (failed)

## Sources
- [SB573 - Introduced (PDF)](https://www.arkleg.state.ar.us/Home/FTPDocument?path=%2FBills%2F2025R%2FPublic%2FSB573.pdf)
- [Act Version (PDF)](https://www.arkleg.state.ar.us/Acts/FTPDocument?path=%2FACTS%2F2025R%2FPublic%2F&file=783.pdf&ddBienniumSession=2025%2F2025R)

## Related
- [HB1265: AN ACT FOR THE UNIVERSITY OF ARKANSAS AT LITTLE ROCK APPROPRIATION FOR THE 2025…](https://policyrisk.com/state-bill/AR-HB1265-2025)
- [HB1237: TO PROHIBIT MEDICAL PROFESSIONALS FROM SOLICITING INJURED INDIVIDUALS; AND TO S…](https://policyrisk.com/state-bill/AR-HB1237-2025)
- [HB1686: TO AMEND THE LAW CONCERNING LICENSES TO CARRY CONCEALED HANDGUNS.](https://policyrisk.com/state-bill/AR-HB1686-2025)
- [SB440: TO AMEND THE LAW CONCERNING EMBALMERS AND FUNERAL DIRECTORS; TO REGULATE THE US…](https://policyrisk.com/state-bill/AR-SB440-2025)
- [HB1695: TO CLARIFY THE FORECLOSURE PROCESS FOR PROPERTY SUBJECT TO A MUNICIPAL LIEN; TO…](https://policyrisk.com/state-bill/AR-HB1695-2025)
- [HR1012: TO AMEND THE RULES OF THE HOUSE OF REPRESENTATIVES OF THE NINETY-FIFTH GENERAL…](https://policyrisk.com/state-bill/AR-HR1012-2025)
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Source: PRIA, https://policyrisk.com/state-bill/AR-SB573-2025 (as of 2026-10-19).