HB1143

House Bill 1143 amends Arkansas law concerning property tax exemptions for disabled veterans, their surviving spouses, and minor dependent children. The bill specifically defines the term 'homestead' to clarify the scope of property eligible for tax exemption. Under the new definition, a homestead includes the primary residence and up to 40 acres of contiguous real property, provided that the contiguous land is not utilized for commercial purposes. Additionally, the bill clarifies that eligible 'personal property' must be for non-commercial and non-business use. These changes apply to assessment years beginning on or after January 1, 2023.