AR SB131

Amends Arkansas Code § 26-26-1120(b) and § 26-26-1123 to clarify property tax assessment rules when disabled persons or those 65 and older sell their homes

Purchasers of property from disabled or elderly sellers cannot claim the previous owner's assessment reduction unless the purchaser also qualifies under Arkansas Constitution Amendment 79, §1(d)

County assessors must reset sold properties to full market value on or after January 1 following the sale date, unless the new owner qualifies for the constitutional limitation

Creates an exception allowing qualified disabled or elderly purchasers to have property assessed at the value as of the purchase date rather than waiting until the second assessment date

Preserves existing protections for life-estate transfers where the homestead owner or beneficiary retains a life-estate interest following title transfer