AR HJR1002

Authorizes the General Assembly to reduce or eliminate taxation of personal property through law, including creating exemptions for personal property taxes.

Requires the General Assembly to provide by law that no tax shall be levied on personal property by January 1, 2050.

Repeals the constitutional requirement that personal property and real property be taxed at equal rates.

Amends Arkansas Constitution Amendments 30 and 38 to allow taxes for public library purposes to be levied on real property, personal property, or both, rather than requiring equal taxation of both types of property.

Becomes effective January 1, 2025, and requires majority vote of both houses of the General Assembly for any laws enacted under this amendment.