SB41 Summary

• Establishes 32 regular full-time employee positions for the Department of Finance and Administration - Assessment Coordination Division for fiscal year 2022-2023, including one ACD Director, one Information Systems Analyst, one Attorney Specialist, and multiple auditors and coordinators at various salary grades.

• Appropriates $3,362,849 from the Miscellaneous Agencies Fund Account for personal services and operating expenses, including $1,639,265 for regular salaries, $563,975 for personal services matching, $622,240 for operating expenses, $325,000 for Assessor's School, and $150,000 for assessment education incentives.

• Appropriates $15,750,000 from the Arkansas Real Property Reappraisal Fund to pay counties and professional reappraisal companies for real property reappraisal costs, with funding transfers of 76% from the Public School Fund Account, 16% from County Aid Fund, and 8% from Municipal Aid Fund, capped at $14,250,000 annually.

• Limits county reappraisal funding to a maximum of $7 per parcel per year, with counties responsible for covering costs exceeding this amount from other revenue sources.

• Authorizes the division 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 appropriations to the Assessor's School line item with Chief Fiscal Officer approval.