Arkansas 2025 Regular Session

Arkansas Senate Bill SB131 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	Stricken language would be deleted from and underlined language would be added to present law.
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3	3	State of Arkansas 1
4	4	95th General Assembly A Bill 2
5	5	Regular Session, 2025 SENATE BILL 131 3
6	6	4
7	7	By: Senator J. Bryant 5
8	8	By: Representative Lundstrum 6
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10	10	For An Act To Be Entitled 8
11	11	AN ACT TO CONFIRM THE LAW RELATED TO PROPERTY TAX 9
12	12	RELIEF; TO CONFIRM THE LAW RELATED TO THE ASSESSMENT 10
13	13	OF A HOMESTEAD BELONGING TO A PERSON WITH A 11
14	14	DISABILITY OR A PERSON SIXTY -FIVE YEARS OF AGE OR 12
15	15	OLDER; AND FOR OTHER PURPOSES. 13
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18	18	Subtitle 16
19	19	TO CONFIRM THE LAW RELATED TO THE 17
20	20	ASSESSMENT OF A HOMESTEAD BELONGING TO A 18
21	21	PERSON WITH A DISABILITY OR A PERSON 19
22	22	SIXTY-FIVE YEARS OF AGE OR OLDER. 20
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24	24	BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 22
25	25	23
26	26	SECTION 1. Arkansas Code § 26 -26-1120(b), concerning the assessed 24
27	27	value of real property sold by a disabled person or a person sixty -five years 25
28	28	of age or older, is amended to read as follows: 26
29	29	(b)(1) When a disabled person or a person sixty -five (65) years of age 27
30	30	or older sells his or her real property, the purchaser shall not be entitled 28
31	31	to claim any reduction to the real property's assessed value unless the 29
32	32	purchaser is entitled to a limitation of the assessed value of real property 30
33	33	under Arkansas Constitution, Amendment 79, §1(d) . 31
34	34	(2) On or after January 1 of the year following the date of the 32
35	35	sale, the county assessor shall assess the real property at its full market 33
36	36	value, unadjusted for assessment limitations required by Arkansas 34
37	37	Constitution, Amendment 79. 35
38	38	36 SB131
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41	41	SECTION 2. Arkansas Code § 26 -26-1123 is amended to read as follows: 1
42	42	26-26-1123. Sale of real property. 2
43	43	(a) When a person sells his or her real property, the county assessor 3
44	44	shall assess the real property at twenty percent (20%) of the appraised value 4
45	45	at the next assessment date after the date of the transfer of title to the 5
46	46	real property except as provided in subsection (d) of this section . 6
47	47	(b) The owner of real property to whom title is transferred by a sale 7
48	48	is not entitled to claim any limitation on the assessed value of the real 8
49	49	property until the second assessment date after the date of the transfer of 9
50	50	title to the real property except as provided in subsection (d) of this 10
51	51	section. 11
52	52	(c) This section does not apply to any transfer of title to real 12
53	53	property claimed as a homestead in which the owner or beneficiary of the 13
54	54	homestead retains a life -estate interest in the homestead following the 14
55	55	transfer of title to the real property. 15
56	56	(d) When a person sells his or her property to a person who is 16
57	57	entitled to a limitation of the assessed value of real property under 17
58	58	Arkansas Constitution, Amendment 79, §1(d), the assessor shall assess the 18
59	59	real property based on the assessed value as of the date of purchase. 19
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