TO CONFIRM THE LAW RELATED TO THE ASSESSMENT OF A HOMESTEAD BELONGING TO A PERSON WITH A DISABILITY OR A PERSON SIXTY-FIVE YEARS OF AGE OR OLDER.

Fiscal Impact Statement Bill: SB131 Bill Subtitle: TO CONFIRM THE LAW RELATED TO THE ASSESSMENT OF A HOMESTEAD BELONGING TO A PERSON WITH A DISABILITY OR A PERSON SIXTY-FIVE YEARS OF AGE OR OLDER. --------------------------------------------------------------------------------------------------------------------------------------- Sponsors: Sen. Bryant and Rep. Lundstrum Basic Change: SB131 clarifies the method of assessment of a homestead when sold to or by an individual who is entitled to a limitation on assessed value under Amendment 79, § 1(d) of the Arkansas Constitution. SB131 clarifies that when a taxpayer who is disabled or at least 65 years of age: • Sells real property, the purchaser may use a limitation on the assessed value of the property if that purchaser also qualifies for the limitation on assessed value under Amendment 79 § 1(d) of the Arkansas Constitution; or • Buys real property that will qualify for the limitation on assessed value in Amendment 79, § 1(d) of the Arkansas Constitution, the property shall be assessed as of the date of purchase, rather than the next assessment date otherwise provided in law. Fiscal Impact: Public schools and other county and city