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AR HB1475
Bill
Status
3/21/2023
Primary Sponsor
Howard Beaty
Click for details
AI Summary
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Amends Arkansas Code § 26-3-302 to specify that intangible personal property of self-service storage facilities includes goodwill, rental agreements, customer lists, security systems, future development opportunities, and management software.
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Maintains the existing exemption of all intangible personal property from ad valorem tax levies of counties, cities, and school districts in Arkansas, effective since January 1, 1976.
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Requires county assessors to provide taxpayers with a written explanation of their intangible personal property value and how that value was excluded from ad valorem tax levies upon request.
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Takes effect for assessment years beginning on or after January 1, 2023.
Legislative Description
To Identify The Intangible Personal Property Of Self-service Storage Facilities That Is Exempt From Property Taxes; And To Require A County Assessor To Provide An Explanation Related To A Taxpayer's Intangible Personal Property.
Last Action
Notification that HB1475 is now Act 332
3/21/2023