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AR HB1894
Bill
Status
4/17/2025
Primary Sponsor
Howard Beaty
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AI Summary
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Requires the Assessment Coordination Division to create rules for fair and equitable property tax assessment of affordable housing with federal or state-imposed rent limitations and operational restrictions
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Applies to properties eligible for Low-Income Housing Tax Credits under 26 U.S.C. § 42, HUD HOME Investment Partnerships Program properties, and USDA rural housing properties under 42 U.S.C. § 1485
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Final rules must be filed with the Secretary of State by January 1, 2026, or as soon as practicable after Legislative Council approval
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Amends Arkansas Code § 26-26-1202 concerning property valuation procedures
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Approved April 17, 2025 as Act 842 of the Regular Session
Legislative Description
To Establish A Method Of Valuation For Real Property Used For Affordable Housing; And To Establish A Method Of Valuation For Certain Real Property Under Arkansas Constitution, Article 16, § 5.
Last Action
Notification that HB1894 is now Act 842
4/17/2025