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