Ark. Code Ann. § 26-26-402 (2020)
Procedure for adjustment of taxes after reappraisal or reassessment of property — Definition
Current year of second Taxes shall be current-year taxes to period of five (5) years which shall be added the following per- centage of the difference between the cur- rent-year taxes and the base-year taxes (if greater than current-year taxes) 1st year 80% of difference 2nd year 60% of difference 3rd year 40% of difference 4th year 20% of difference 5th year and thereafter Current year's taxes only
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History. Acts 1981, No. 848, § 1; A.S.A. 1947, § 84-493; Acts 1997, No. 1300, § 22; 2019, No. 315, § 2955.
Amendments. The 2019 amendment substituted “rules” for “regulations” in (a)(1).
Cross References. Procedure for adjustment of taxes after reappraisal or reassessment of property, Const. Amend. 59, § 14 (incorporated as Ark. Const., Art. 16, § 14).
Case Notes
Guarantee of 10 Percent.
The language in subdivision (a)(2) of this section that, upon completion of a county-wide reappraisal or reassessment of property, “each taxing unit will receive an amount of tax revenue from each tax source no greater than 10% above the revenues received during the previous year” is part of a guarantee to the taxpayers that their taxes would not be increased by more than 10%; the language is not a guarantee to school districts that they would get an exact 10% increase in tax money. Thus, where, following a reappraisal and reassessment of property, school districts received increases ranging from 4.9% to 8.7%, the districts could not argue that the increases were insufficient and that they were instead entitled to full 10% increases. Hot Springs Sch. Dist. No. 6 v. Wells, 281 Ark. 303, 663 S.W.2d 733 (1984).
Cited: Barker v. Frank, 327 Ark. 589, 939 S.W.2d 837 (1997).