SB198

Senate Bill 198 amends Arkansas law regarding the frequency of county property reappraisals. It shifts the standard reappraisal cycle from three years to four years for real estate. The bill establishes mechanisms for the Assessment Coordination Division to manage reappraisal cycles to ensure a more even distribution of county reappraisals across any given year. It includes provisions for counties to remain on or return to a three-year cycle if their property market value assessments experience significant fluctuations (specifically increases over 15% or 25%). Furthermore, it provides an appeals process for counties where valuation increases are driven by single property improvements. The stated legislative intent is to reduce taxpayer confusion and stabilize local government budgeting by creating a more predictable and uniform statewide cycle.