AR HB1157

Prohibits property owners from claiming more than one homestead property tax credit per calendar year under Arkansas Code § 26-26-1118(b)(4).

Expands homestead definition to include dwellings owned by both revocable and irrevocable trusts used as the principal place of residence of the person who formed the trust.

Clarifies that "assessed value" means 20% of the appraised value of real property.

Updates definition of "property owner" to include previous record owners of tax-delinquent property that has vested in the State of Arkansas if they continue to occupy the residence with redemption rights.

Declares an emergency clause effective upon Governor approval, stating the bill is necessary to ensure statewide equal and uniform application of the homestead property tax credit as required by Arkansas Constitution.