To Limit The Increase In The Assessed Value Of Real Property After A Sale Or Other Transfer Of Real Property.
Impact
The proposed changes in HB1715 would alter how local assessors determine property values, creating a more predictable system for homeowners and potential buyers. The law, if enacted, would limit the financial impact on families during property transitions, particularly beneficial for first-time home buyers or those attempting to relocate within the state. Furthermore, it could foster stability in the housing market by mitigating sudden surges in property taxes post-sale. This approach aims to balance the needs of local governments for tax revenue while securing homeowners' financial interests during property transitions.
Summary
House Bill 1715 seeks to amend Arkansas state law regarding the assessed value of real property, particularly focusing on the limits of valuation increases following the sale or transfer of such properties. Under this bill, newly sold or transferred real estate would be assessed at a maximum of five percent over its taxable value if it's a homestead or up to ten percent if it is not, thus providing a safeguard against excessive valuation increases that could significantly affect tax burdens on property owners. The goal is to protect homeowners from steep property tax hikes while still allowing for some increase in value assessments based on market conditions.
Contention
Some points of contention may arise surrounding HB1715, primarily from local government officials who rely on property tax revenues for funding public services. Critics might argue that limiting assessment increases could result in lower revenue for municipalities, potentially challenging their budgets and infrastructure projects. However, proponents of the bill argue that the measure enhances fairness in taxation and encourages homeownership. Discussions in legislative sessions may reflect a broader concern over how local governments can adjust to reduced revenues while maintaining essential services.
To Amend The Law Concerning Tax-delinquent Property; And To Provide Restrictions On The Forfeiture Of Tax-delinquent Homesteads And Real Property Used For Farming.
To Require A Ballot Measure Before A Fire Protection District Can Be Created; And To Require That The Value Of Real Property In The Fire Protection District Match The Value As Determined By The County Assessor.
To Increase The Homestead Property Tax Credit; And To Require A Report Concerning The Homestead Property Tax Credit And The Balance Of The Property Tax Relief Trust Fund.
To Increase The Homestead Property Tax Credit; And To Require A Report Concerning The Homestead Property Tax Credit And The Balance Of The Property Tax Relief Trust Fund.
To Amend The Definition Of A Homestead For Purposes Of Property Taxation; And To Provide That Certain Dwellings Owned By A Limited Liability Company Qualify As A Homestead.
To Increase Amounts Paid By Quorum Courts For The Continuing Education Of County Officials; And To Increase The Amount Of Real Property Transfer Tax Revenue Distributed For Continuing Education Of County Officials.
To Identify The Intangible Personal Property Of Self-service Storage Facilities That Is Exempt From Property Taxes; And To Require A County Assessor To Provide An Explanation Related To A Taxpayer's Intangible Personal Property.