AR HB1153

Amends Arkansas Code § 26-28-111(c) to clarify that "actual and obvious errors" correctable by county assessors are limited to extension errors, erroneous property descriptions, classifications, or listings.

Prohibits county assessors from using error corrections to change property valuations except when necessary to correct actual and obvious errors as defined in the section.

Establishes that a county assessor does not commit a correctable error if real or personal property was not exempted during an assessment year when the property owner failed to apply for an exemption through the assessor's office.

Creates an exception to the above provision for lessees or purchasers who have entered into a payment in lieu of taxes agreement under Arkansas Code § 14-164-703.

Declares an emergency clause, finding it unreasonable for assessors to seek out exempt property owners who do not voluntarily apply for exemptions, and specifies the act becomes effective upon gubernatorial approval, automatic passage, or veto override.