AR HB1191

Standardizes terminology throughout tax delinquent land statutes by replacing "land" with "parcel" for consistency in describing tax delinquent properties.

Allows Commissioner of State Lands to deposit collected funds into financial institutions in Arkansas or United States Treasury Securities, expanding investment options beyond previous law.

Requires county assessors to verify tax delinquent parcel assessments, owner information, and parcel existence before certification to Commissioner, with procedures for removing nonexistent parcels from assessment rolls.

Establishes a two-year escrow holding period for unclaimed sale proceeds, after which funds escheat to the county where the property is located, replacing previous three to five-year periods.

Repeals Arkansas Code § 26-37-313 regarding reassessment of depreciated forfeited parcels, eliminating the process for property value adjustments based on post-forfeiture depreciation.