SJR14
A Constitutional Amendment Concerning The Determination Of The True Value In Money Of Real Property For Assessment Purposes.
Last Action (May 5, 2025): Died in Senate Committee at Sine Die adjournment.
Sponsors
AI-Generated Summary
SJR 14 is a proposed amendment to the Arkansas Constitution concerning how the 'true value in money' of real property is determined for tax assessment purposes. As a joint resolution, it seeks to initiate the process of changing the constitutional framework governing property valuation. The bill does not currently specify the exact methodological changes to the assessment process, but proposes that these rules be defined or modified within the state constitution. If passed by the legislature, the proposal would be submitted to Arkansas voters for approval or rejection at the next general election. The primary objective is to adjust the constitutional standards used by state and local authorities to appraise real property for tax assessment.
Potential Impact Analysis
Who Might Benefit?
Property owners in Arkansas are the primary potential beneficiaries, as constitutional changes to 'true value' assessments typically aim to provide greater clarity, consistency, or potential limitations on how property tax valuations are calculated.
Who Might Suffer?
Local governments, school districts, and other taxing entities that rely on property tax revenue could be negatively impacted if the new constitutional definition of 'true value in money' leads to lower assessed property values, thereby reducing the tax base and available public funding.
Get Notified
Receive an email when this bill's status changes.