HB1905
To Create The Buyer Beware Act; And To Require A Real Estate Licensee Representing A Seller To Direct The Seller To The Office Of The County Assessor For The Current Assessed Value Of A Residential Real Estate Property.
Last Action (May 5, 2025): Died in House Committee at Sine Die adjournment.
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AI-Generated Summary
House Bill 1905, titled the 'Buyer Beware Act,' modifies the responsibilities of real estate licensees in Arkansas regarding the disclosure of property tax information. The bill prohibits real estate agents representing a seller from listing the current taxable value of a residential property within the property listing itself. Instead, the bill mandates that the listing must direct potential buyers to contact the county assessor’s office to obtain the current assessed value. Furthermore, licensees are required to provide written notice to potential buyers explaining that current tax assessment limitations under Amendment 79 do not automatically transfer to the new owner upon sale. This ensures buyers are informed that their property tax assessments may increase significantly following a change in ownership.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries are potential residential property buyers, who will receive mandatory written notification that their property tax assessments may rise after a purchase, and the county assessor's offices, which will become the central point of contact for property tax valuation inquiries.
Who Might Suffer?
Real estate licensees and listing agents may be negatively impacted by the additional administrative requirements and the explicit prohibition against including specific tax information in their listings, which may lengthen the transaction process or require adjustments to their marketing workflows.
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