AR SB198

Extends the minimum county property reappraisal cycle from every three (3) years to every four (4) years.

Allows the Director of the Assessment Coordination Division to grant exceptions to counties to temporarily remain on a three (3) or five (5) year reappraisal cycle to achieve a substantially equal number of counties reappraising annually.

Establishes that counties with market value increases greater than 15% remain on a three-year cycle until increases fall below 15%, then transition to a five-year cycle; counties in a five-year cycle with increases of 25% or more move back to a three-year cycle.

Permits counties to appeal placement in a three-year reappraisal cycle if the increased assessment results from a single property improvement, with the division deciding within 30 calendar days.

Requires counties to submit previous and new market value assessments to the Assessment Coordination Division by October 1 of the year reappraisal is completed; approved February 24, 2023.