State
Arkansas
Year
2020
Variations in Receipt of Benefit
No Variation in Receipt of Benefits
Benefit Type
Assessment Freeze
Benefit
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
Other
Eligible Property Type
Residential
Characteristics of Eligible Property
Only residential properties are eligible for this program.
Eligibility Criteria
Age
Disability
Homeowner
Principal Residence
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.
Record ID
AR103_RR20
Footnotes
"Assessed value" means twenty percent (20%) of the appraised value of the real property.
The statute was amended in 2009 to assure that the assessment freeze set out in Amendment 79 is applied to the lower assessed value.
Sources
Ark. Code § 26-26-1120;
Ark. Code § 26-26-1124 (in effect for 2020)
Ark. Code § 26-26-1124 (in effect for 2020)
Ark. Const. Amendment 79
Arkansas Assessment Coordination Department, Property Tax Equalization and Appeal System: A Synopsis (2015)
[www.arkansas.gov/acd/publications/Synopsis2015.pdf accessed 10/25/2021]
View Archived Source
[www.arkansas.gov/acd/publications/Synopsis2015.pdf accessed 10/25/2021]
View Archived Source