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AR HB1449
Bill
Status
4/9/2019
Primary Sponsor
Dan Sullivan
Click for details
AI Summary
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Amends Arkansas Code § 26-26-1122(a)(2)(B) to expand the definition of "homestead" under Amendment 79 of the Arkansas Constitution for property tax purposes.
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Includes dwellings owned by revocable or irrevocable trusts used as the principal residence of the person who formed the trust.
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Includes dwellings owned by irrevocable trusts used as the principal residence of a beneficiary of the trust, provided the beneficiary submits a signed, notarized, and file-marked copy of the irrevocable trust to the county assessor.
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Effective for assessment years beginning on or after January 1, 2019.
Legislative Description
To Amend The Definition Of "homestead" As Used In Amendment 79 Of The Arkansas Constitution For Property Tax Purposes To Include The Dwelling Of A Beneficiary Of An Irrevocable Trust.
Last Action
Notification that HB1449 is now Act 831
4/9/2019