Ark. Code Ann. § 26-26-304 (2020)
Ratio of assessed value to market value in the assessment year that reappraised values are placed on the assessment rolls
History. Acts 1955, No. 153, §§ 9, 12; 1957, No. 304, § 1; 1959, No. 31, § 1; 1959, No. 244, § 1; 1969, No. 60, § 1; A.S.A. 1947, §§ 84-477, 84-477n; Acts 1987, No. 838, § 1; 1997, No. 440, § 2(g); 1999, No. 1079, § 1; 2001, No. 1131, § 1; 2005, No. 73, § 1; 2005, No. 1772, §§ 1, 2; 2019, No. 315, § 2953.
Publisher's Notes. Acts 1955, No. 153 as originally enacted was, except for §§ 4, 6, and 13 (§§ 26-26-301 — 26-26-303), a temporary law providing for an appraisal and assessment of property as of January 1, 1957. However, thereafter, amendments were made to § 12 (this section) inserting continuing provisions making this section permanent in nature. Therefore, § 12 has been codified above, and because of possible applicability of other provisions of this act to this subchapter, the other sections of Acts 1955, No. 153, as amended, should also be checked.
Amendments. The 2019 amendment substituted “rules” for “regulations” in (d)(3)(B) and (d)(3)(C).
Case Notes
Capitalization of Income Method.
A trial court did not err in basing its decision as to the property assessment upon values reflected by the capitalization of income method. Board of Equalization v. Evelyn Hills Shopping Ctr., 251 Ark. 1055, 476 S.W.2d 211 (1972).
Manual for Assessors.
The methods and criteria of the manual required by Acts 1955, No. 153, § 5, are to be used as a guide by assessors in assessing real and personal property. Kitchens v. Ark. Appraisal Serv., 233 Ark. 384, 344 S.W.2d 853 (1961).
Assessors who substantially comply with procedure outlined in assessment manual in assessing real and personal property have complied with Acts 1955, No. 153, § 5. Kitchens v. Ark. Appraisal Serv., 233 Ark. 384, 344 S.W.2d 853 (1961).
Market Value.
Acts 1973, No. 411 was held unconstitutional, because, under the act, property was not assessed as to current market value, but, instead, artificial 1956 values for residential property and certain construction were used, and likewise, farm and timber land were valued as of 1961. Ark. Pub. Serv. Comm'n v. Pulaski County Bd. of Equalization, 266 Ark. 64, 582 S.W.2d 942 (1979), superseded as stated in, Clark v. Union Pac. R.R., 294 Ark. 586, 745 S.W.2d 600 (1988) (decision prior to Const. Amend. 59).
A 1979 county reassessment, although not based on current market value of real property, was an action taken to achieve a more proper level of taxation and, as such, was neither illegal nor contrary to the decision in Arkansas Pub. Serv. Comm'n v. Pulaski County Bd. of Equalization, 266 Ark. 64, 582 S.W.2d 942 (1979), which allowed the Public Service Commission until the end of 1979 to prepare an implementation plan and provided that statewide reassessments begin in January 1981. Rodgers v. Easterling, 270 Ark. 255, 603 S.W.2d 884 (1980).
Remedies of Taxpayer.
Taxpayer cannot enjoin an assessment where he has failed to exhaust his remedy of appeal from action or inaction by a county board of equalization. New St. Mary's Gin, Inc. v. Moore, 232 Ark. 24, 334 S.W.2d 683 (1960).
Writ of mandamus as remedy. New St. Mary's Gin, Inc. v. Moore, 232 Ark. 24, 334 S.W.2d 683 (1960).
Cited: St. Louis-S.F. Ry. v. Ark. Pub. Serv. Comm'n, 227 Ark. 1066, 304 S.W.2d 297 (1957); Layne v. Strode, 229 Ark. 513, 317 S.W.2d 6 (1958); Dierks Forests, Inc. v. Shell, 240 Ark. 966, 403 S.W.2d 83 (1966); Gilmore v. Lawrence County, 246 Ark. 614, 439 S.W.2d 643 (1969); Burgess v. Four States Mem'l Hosp., 250 Ark. 485, 465 S.W.2d 693 (1971); ABF Freight Sys. v. Tax Div., 787 F.2d 292 (8th Cir. 1986).