SJR16
An Amendment To The Arkansas Constitution To Exempt Certain Real Property From Property Tax; And To Create Property Tax Exemptions For Certain Individuals.
Last Action (Feb. 12, 2025): Sine Die adjournment
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AI-Generated Summary
Senate Joint Resolution 16 proposes an amendment to the Arkansas Constitution to modify property tax laws. The bill seeks to establish exemptions from property taxes for specific types of real property and for certain classes of individuals. As a joint resolution, this proposal requires legislative approval to be placed on the ballot for a statewide vote. If approved by a majority of voters in the next general election, the amendment will be incorporated into the state constitution. The text serves as a preliminary framework for these tax exemptions, though specific eligibility criteria and definitions for the targeted property and individuals are not detailed in this initial resolution.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries would be the specific groups of individuals and owners of certain real property types that the legislature or future enabling legislation identifies for tax relief. These entities would benefit through reduced annual property tax liabilities, potentially lowering their cost of living or operating expenses.
Who Might Suffer?
The entities most directly impacted would be local governments, school districts, and counties that rely on property tax revenue to fund public services. By exempting certain properties from taxation, the tax base is narrowed, which could result in reduced funding for local operations, public education, and infrastructure unless those entities find alternative revenue sources or increase tax rates on remaining taxable properties.
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