HB1475

House Bill 1475 clarifies existing Arkansas property tax law by explicitly defining categories of 'intangible personal property' that are exempt from ad valorem taxation. Specifically, for self-service storage facilities, the bill lists items such as goodwill, rental agreements, customer lists, security systems, future development opportunities, and management software as intangible personal property. The legislation also codifies that permits or licenses required to maintain or operate fixtures at specific locations constitute intangible personal property. Additionally, the bill mandates that county assessors must provide taxpayers, upon request, a written explanation detailing the value of their intangible personal property and how that value was excluded from their property tax assessment. These changes apply to assessment years beginning on or after January 1, 2023.