Title 26 — Taxation

(a) When a person sells his or her real property, the county assessor shall assess the real property at twenty percent (20%) of the appraised value at the next assessment date after the date of the transfer of title to the real property. (b) The owner of real property to whom tit…

(a) (1) A homestead used as the taxpayer's principal place of residence that is purchased or constructed on or after January 1, 2001, by a person who is disabled or by a person sixty-five (65) years of age or older shall be assessed for property tax thereafter based on the lower …

(a) The Assessment Coordination Division shall:(1) Establish mandatory guidelines for county assessors to follow in:(A) Identifying property that is exempt from ad valorem taxation; and(B) Assessing business inventory;(2) Adopt rules necessary for:(A) The general guidance and ass…

All property in this state shall be assessed by the authorized authorities according to its value on January 1. However, stocks of merchants and manufacturers shall be assessed at the value of the average stock in possession or under control during the year immediately preceding …

(a) (1) (A) Each separate parcel of real property shall be valued at its true market value in money, excluding the value of crops growing thereon.(B) Only real property located in the state shall be considered in determining the true market value of residential real property.(C) …

(a) Any person owning or having in his or her possession or under his or her control, within this state, with authority to sell it, any personal property purchased with a view to its being sold at a profit, or which has been consigned to him or her from any place out of this stat…

Each merchant in giving a list of value of personal property as provided in § 26-26-1203 shall include in the valuation all good balances of accounts on his or her books and all notes at their true value in money, and the list shall be rendered under oath as prescribed in cases o…

(a) Every person who shall purchase, receive, or hold personal property of any description for the purpose of adding to the value thereof by process of manufacturing, refining, rectifying, or by combination of different materials, with a view of making a gain or profit by so doin…

(a) Housing owned and operated by a nonprofit corporation or association for occupancy or use by an elderly person or a person with a disability, the construction of which is financed by the United States, shall be valued, for purposes of assessment, on the basis of the equity ow…

(a) The General Assembly recognizes that motor vehicles are unique in regard to the procedure for assessment of personal property taxes, registration and titling, and payment of sales taxes and that there is a correlation between sales of motor vehicles by motor vehicle dealers a…

(a) Whenever, upon the complaint made to the Arkansas Public Service Commission by the county judge, county assessor, or county equalization board of any county or upon the commission's own investigation and motion, and a summary hearing in that behalf had, it shall be made to ap…

Persons appointed to make the reassessment shall qualify without delay by severally subscribing to an oath or affirmation to support the United States Constitution and the Arkansas Constitution, and to faithfully perform the duties imposed by any order of reassessment to the best…

(a) Any person appointed to reassess the property or any class of property in any county, or district or subdivision thereof, shall have all the power and authority given by law to deputy county assessors and shall perform all the duties and be subject to all restrictions and pen…

(a) For their services in making any reassessment of property pursuant to the order of the Arkansas Public Service Commission, local assessment officers shall receive no compensation other than the salary or fees allowed by law for making the original assessment; but when the per…

Any reassessment shall, when completed, be treated exactly as an original assessment and be subject to equalization by the county equalization board and to appeals from the action of any officer having to do with the reassessment as are provided by law in the case of original ass…

(a) Funding to a county provided through the Assessment Coordination Division for the reappraisal of real property, whether the reappraisal of real property is a review of existing data or an extensive reappraisal in which every improvement is measured, shall be for the actual ap…

(a) (1) Prior to any countywide reappraisal of property for ad valorem tax purposes, the county assessor or the county assessor's employees or agents shall notify the property owners of the county assessor's intent to reappraise at least forty-five (45) calendar days prior to the…

(a) (1) Except as provided in subdivision (a)(2) of this section, property shall not be reappraised for ad valorem tax purposes more than one (1) time every five (5) years unless the reappraisal is the result of a countywide reappraisal.(2) Producing mineral interests shall be re…

(a) It is the purpose and intent of this subchapter to reduce the number of persons avoiding the payment of tangible personal property taxes by moving from one county to another within the state or by moving outside the state between the time of assessing property for taxes and t…

The provisions of this subchapter shall not be applicable to taxpayers whose property is subject to assessment by the Tax Division of the Arkansas Public Service Commission.

The provisions of this subchapter shall be effective beginning with the year in which the statewide reappraisal of taxable property as ordered in Arkansas Public Service Commission et al. v. Pulaski County Board of Equalization et al., and the roll back or adjustment of millage i…

The provisions of this subchapter shall be supplemental to any other laws of this state relating to the assessment and collection of ad valorem taxes on property and shall be deemed to repeal or modify only those laws in direct conflict with it.

(a) Nothing contained in this subchapter shall be construed to limit or restrict the right of a taxpayer to make application to the equalization board for adjustment of the tangible personal property assessment or the right of the taxpayer to obtain judicial review of the final d…

(a) A penalty of ten percent (10%) of the taxpayer's total tangible personal property taxes shall be imposed on any taxpayer who fails or refuses to assess his or her tangible personal property on or before May 31 of each year. (b) A penalty of ten percent (10%) of the taxpayer's…

The Assessment Coordination Division shall prescribe the forms to be used for the assessment and collection of tangible personal property pursuant to the provisions of this subchapter. Arkansas Legislative Audit shall assist and guide the various county officials in establishing …

(a) (1) (A) A taxpayer shall annually assess his or her tangible personal property for ad valorem taxes during the period from January 1 through May 31.(B) A taxpayer's tangible personal property includes a motor vehicle that is leased pursuant to a contract providing for the use…

(a) It is the purpose of this subchapter to clarify the law relating to the taxation of state and national banks, savings and loan associations, and building and loan associations chartered under state and federal law and to simplify and to broaden the tax base applicable to thes…

(1) As used in this subchapter, unless the context otherwise requires:(1) “Business corporation” means a corporation incorporated under the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq.; (2) “Financial institution” means a state bank or national bank, a savings an…

For purposes of the ad valorem personal property tax, financial institutions shall assess and be taxed upon their personal property the same as other owners of personal property, except as may be prohibited by federal law.

(a) Financial institutions shall be subject to the ad valorem real property tax levied pursuant to the authority granted in the laws of this state, to the same extent as other owners of real property in this state. (b) The assessment of taxes upon the real property of national ba…

(a) Bridge, savings banks, mutual loan, building, transportation, construction, and all other companies, corporations, or associations incorporated under the laws of this state, or under the laws of any other state, and doing business in this state, other than the companies, corp…

(1) For the purpose of assessment and taxation, any person, firm, company, copartnership, cooperative, association, or corporation, wherever organized or incorporated, engaged in the business of:(1) Transmitting natural gas or oil through pipelines, within, into, from, or through…

(a) For purposes of this subchapter, property is used or held for use in the operation of a company as such if it is owned or controlled by a utility or carrier and is being utilized, is capable of utilization, in the operation of a utility or carrier, or is being constructed for…

(a) Each company, as defined in § 26-26-1601, shall annually on or before March 1, make and deliver to the Tax Division of the Arkansas Public Service Commission, in such form as the division may prescribe, a statement of the proper official, agent, or person of the company, show…

(a) (1) Unless for good cause shown, should any company fail to file on or before March 1 the complete statement required of it by §§ 26-26-1602 and 26-26-1603, the time for making the return shall be extended for not more than sixty (60) days.(2) The Tax Division of the Arkansas…

(a) (1) The Tax Division of the Arkansas Public Service Commission shall meet the first Monday in March of each year for the purpose of assessing the property which it is required to assess.(2) Before entering upon the discharge of his or her duties, each commissioner shall subsc…

(a) The returns of the persons, firms, companies, copartnerships, associations, and corporations whose assessment is provided for by this subchapter shall not be held to be conclusive as to the value of the property so returned, but the Tax Division of the Arkansas Public Service…

(a) The valuation of the taxable property, both real and personal, of all persons, firms, companies, copartnerships, cooperatives, associations, and corporations required by law to be assessed by the Tax Division of the Arkansas Public Service Commission shall be made upon the co…

If any person, firm, company, copartnership, association, or corporation whose assessment is provided for in this subchapter neglects or refuses to make and file with the Tax Division of the Arkansas Public Service Commission by March 1, the statements and schedules required by t…

At any time after the meeting of the Tax Division of the Arkansas Public Service Commission on the first Monday in March and before the assessment of the property of any company is determined, any company or person interested shall have the right, on written application, to appea…

(a) After the Tax Division of the Arkansas Public Service Commission shall have completed the original assessment of any property within its jurisdiction, it shall, as soon as practicable, give notice in writing by first class mail to the owner, officer, agent, or attorney making…

(1) The Tax Division of the Arkansas Public Service Commission shall assign or apportion the assessed value of the property of all persons, firms, companies, copartnerships, associations, and corporations which it is required to assess in the following manner:(1) There shall be d…

(a) When the Tax Division of the Arkansas Public Service Commission has ascertained the assessed value of the property of any company which it is required to originally assess other than bus lines, motor freight, airlines, water transportation companies, and private car companies…

All real and personal property, not used in the utility operation of the company as such, of any carrier pipeline, railroad, street, interurban or suburban railroad, express, sleeping car or intercounty bus line company and of any telegraph, telephone, electric power, gas, water,…

(a) (1) Having ascertained and fixed the taxable value of the tangible and intangible property used or held for use in the operation of each intercounty bus line, intercounty motor freight, airline, or water transportation company, as required by law, the Tax Division of the Arka…

The average rate of ad valorem levy throughout this state shall be determined by totaling the millage rate for all purposes for each of the several taxing districts of this state for the assessment year and dividing the total obtained by the number of taxing districts of this sta…

(a) (1) Except as provided in subsections (c) and (d) of this section, all taxes and penalties collected under § 26-26-1614 shall be deposited into the State Treasury as trust fund income to the credit of the Ad Valorem Tax Fund.(2) (A) The Treasurer of State shall annually trans…

(a) (1) Taxes and penalties certified to the Secretary of the Department of Finance and Administration under § 26-26-1614 shall be collected within ten (10) years from the date of certification to the secretary.(2) Taxes and penalties that have not been collected within ten (10) …

(a) The Secretary of the Department of Finance and Administration may waive any tax certified under § 26-26-1614, or any portion of a tax certified under § 26-26-1614, in the following circumstances:(1) There is controversy over the amount of tax due;(2) The inability of the taxp…

As used in this subchapter, unless the context otherwise requires, “private car company” means every person, company, or corporation other than a railroad company, engaged in the business of operating cars or engaged in the business of furnishing or leasing cars for the transport…