Variations in Receipt of Benefit
No Variation in Receipt of Benefits
For this program, residential property shall be assessed based on the assessed value when the person becomes eligible or a later value, whichever is less.
How is Benefit Disbursed
Eligible Property Type
Characteristics of Eligible Property
Only residential properties are eligible for this program.
Description of Eligibility Criteria
The residence must be the principal place of residence and owned by the applicant. Applicants must be at least 65 years of age or disabled to be eligible.
Local Option in Adoption of Program
Local government is unable to exercise an option
Local Option Regarding Program Features
No local option regarding program features
State Funding for Local Tax Loss
Local government covers all of its tax loss
Description of State Funding for Tax Loss
The statute is silent on whether or not the state reimburses the local government for the property tax loss.
Ark. Code § 26-26-1124 (in effect for 2020)
[www.arkansas.gov/acd/publications/Synopsis2015.pdf accessed 10/25/2021]
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