(a) As used in this subchapter and in Arkansas Constitution, Amendment 79:(1) “Assessed value” means twenty percent (20%) of the appraised value of the real property;(2) (A) “Homestead” means the dwelling of a person that is used as his or her principal place of residence with the contiguous land, excluding all land valued as agricultural land, pasture land, or timberland.(B) “Homestead” includes:(i) A dwelling owned by a revocable or irrevocable trust and used as the principal place of residence of the person who formed the trust;(ii) A dwelling owned by an irrevocable trust and used as the principal place of residence of a beneficiary of the trust, as evidenced by submitting a signed, notarized, and file-marked copy of the irrevocable trust to the county assessor; and(iii) A dwelling owned by a limited liability company whose members are either a married couple or otherwise no more than one (1) natural person, at least one (1) of whom claims the homestead tax credit under § 26-26-1118 and uses the dwelling as his or her principal place of residence;(3) “New construction” means changes to real property that have occurred to real property already on the assessment roll;(4) “Newly discovered real property” means real property that has never been on the assessment roll or that has changed use;(5) (A) “Property owner” means a person who is:(i) The owner of record of real property or the mortgagee of the real property;(ii) A buyer under a recorded contract to purchase real property; or(iii) A person holding a recorded life estate in real property.(B) “Property owner” includes the previous record owner of tax-delinquent real property that has vested in the State of Arkansas in care of the Commissioner of State Lands under § 26-37-101(c) if the previous record owner continues to occupy the residence subject to his or her right of redemption; and(6) (A) “Substantial improvement” means an improvement to real property that increases the assessed value of the real property by at least twenty-five percent (25%).(B) “Substantial improvement” does not include necessary repairs made to real property to remedy damage done to the real property as the result of a natural disaster except to the extent the repairs to the real property use materials or components, or both, that are of a higher quality and value than the materials and components used in the real property that was damaged.
(1) “Assessed value” means twenty percent (20%) of the appraised value of the real property;
(2) (A) “Homestead” means the dwelling of a person that is used as his or her principal place of residence with the contiguous land, excluding all land valued as agricultural land, pasture land, or timberland.(B) “Homestead” includes:(i) A dwelling owned by a revocable or irrevocable trust and used as the principal place of residence of the person who formed the trust;(ii) A dwelling owned by an irrevocable trust and used as the principal place of residence of a beneficiary of the trust, as evidenced by submitting a signed, notarized, and file-marked copy of the irrevocable trust to the county assessor; and(iii) A dwelling owned by a limited liability company whose members are either a married couple or otherwise no more than one (1) natural person, at least one (1) of whom claims the homestead tax credit under § 26-26-1118 and uses the dwelling as his or her principal place of residence;
(A) “Homestead” means the dwelling of a person that is used as his or her principal place of residence with the contiguous land, excluding all land valued as agricultural land, pasture land, or timberland.
(B) “Homestead” includes:(i) A dwelling owned by a revocable or irrevocable trust and used as the principal place of residence of the person who formed the trust;(ii) A dwelling owned by an irrevocable trust and used as the principal place of residence of a beneficiary of the trust, as evidenced by submitting a signed, notarized, and file-marked copy of the irrevocable trust to the county assessor; and(iii) A dwelling owned by a limited liability company whose members are either a married couple or otherwise no more than one (1) natural person, at least one (1) of whom claims the homestead tax credit under § 26-26-1118 and uses the dwelling as his or her principal place of residence;
(i) A dwelling owned by a revocable or irrevocable trust and used as the principal place of residence of the person who formed the trust;
(ii) A dwelling owned by an irrevocable trust and used as the principal place of residence of a beneficiary of the trust, as evidenced by submitting a signed, notarized, and file-marked copy of the irrevocable trust to the county assessor; and
(iii) A dwelling owned by a limited liability company whose members are either a married couple or otherwise no more than one (1) natural person, at least one (1) of whom claims the homestead tax credit under § 26-26-1118 and uses the dwelling as his or her principal place of residence;
(3) “New construction” means changes to real property that have occurred to real property already on the assessment roll;
(4) “Newly discovered real property” means real property that has never been on the assessment roll or that has changed use;
(5) (A) “Property owner” means a person who is:(i) The owner of record of real property or the mortgagee of the real property;(ii) A buyer under a recorded contract to purchase real property; or(iii) A person holding a recorded life estate in real property.(B) “Property owner” includes the previous record owner of tax-delinquent real property that has vested in the State of Arkansas in care of the Commissioner of State Lands under § 26-37-101(c) if the previous record owner continues to occupy the residence subject to his or her right of redemption; and
(A) “Property owner” means a person who is:(i) The owner of record of real property or the mortgagee of the real property;(ii) A buyer under a recorded contract to purchase real property; or(iii) A person holding a recorded life estate in real property.
(i) The owner of record of real property or the mortgagee of the real property;
(ii) A buyer under a recorded contract to purchase real property; or
(iii) A person holding a recorded life estate in real property.
(B) “Property owner” includes the previous record owner of tax-delinquent real property that has vested in the State of Arkansas in care of the Commissioner of State Lands under § 26-37-101(c) if the previous record owner continues to occupy the residence subject to his or her right of redemption; and
(6) (A) “Substantial improvement” means an improvement to real property that increases the assessed value of the real property by at least twenty-five percent (25%).(B) “Substantial improvement” does not include necessary repairs made to real property to remedy damage done to the real property as the result of a natural disaster except to the extent the repairs to the real property use materials or components, or both, that are of a higher quality and value than the materials and components used in the real property that was damaged.
(A) “Substantial improvement” means an improvement to real property that increases the assessed value of the real property by at least twenty-five percent (25%).
(B) “Substantial improvement” does not include necessary repairs made to real property to remedy damage done to the real property as the result of a natural disaster except to the extent the repairs to the real property use materials or components, or both, that are of a higher quality and value than the materials and components used in the real property that was damaged.
(b) The Assessment Coordination Division may by rule define any other term necessary to administer this subchapter.