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AR HB1386
Bill
Status
3/25/2025
Primary Sponsor
Frances Cavenaugh
Click for details
AI Summary
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Defines "substantial improvement" as any improvement to real property that increases the assessed value by at least 25%
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Excludes natural disaster repairs from the substantial improvement definition, unless the repairs use higher quality materials than the original property
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Requires residential real property valuations to consider only comparable properties located within Arkansas
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Allows out-of-state comparable properties to be used for commercial real property valuations only when no comparable commercial property exists within the state
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Effective for assessment years beginning on or after January 1, 2025; approved March 25, 2025
Legislative Description
To Amend The Law Concerning The Assessment Of Property; To Amend The Law Concerning Substantial Improvements To Real Property; And To Amend The Method Of Valuation For Real Property Under Arkansas Constitution, Article 16, § 5.
Last Action
Notification that HB1386 is now Act 410
3/25/2025