SB61 Summary

• Appropriates $3,528,119 from the Miscellaneous Agencies Fund Account for the Department of Finance and Administration - Assessment Coordination Division for fiscal year 2020-2021, covering regular salaries ($1,777,082), personal services matching ($591,428), operating expenses ($622,240), and assessor training programs ($325,000).

• Establishes a maximum of 36 regular full-time employees and authorizes up to 3 temporary or part-time employees for the Assessment Coordination Division.

• Appropriates $15,750,000 from the Arkansas Real Property Reappraisal Fund to pay counties and reappraisal companies, with funding transfers from education and aid accounts limited to $14,250,000 per fiscal year.

• Authorizes the Assessment Coordination Director to transfer up to $1,500,000 from the Miscellaneous Agencies Fund Account to the Real Property Reappraisal Fund and to transfer operating expense funds to assessor training programs as needed.

• Caps state reappraisal funding to counties at a maximum of $7 per parcel annually, requiring counties to use other revenue sources if costs exceed this amount.