To Create The Buyer Beware Act; And To Require A Real Estate Licensee Representing A Seller To Direct The Seller To The Office Of The County Assessor For The Current Assessed Value Of A Residential Real Estate Property.
Summary
HB1905 creates the “Buyer Beware Act” and changes Arkansas law governing real estate licensees and appraisers. The bill focuses on residential real estate listings and requires a licensee representing a seller not to disclose the property’s current taxable value in the listing. Instead, the listing must direct potential buyers to the county assessor’s office for the current assessed value.
The bill also requires written disclosure to potential or actual transferees explaining that Arkansas Constitution Amendment 79 and related state law limit increases in assessed value for the current taxpayer, but those assessment limitations do not transfer to a buyer when the property is sold. It further states that the county assessor may provide the assessed value upon request. In effect, the bill is aimed at preventing confusion about property tax treatment when homes are sold and at steering buyers to official county assessment information rather than relying on listing materials.
Impact
HB1905 would amend Arkansas Code § 17-10-101 by adding new duties for real estate licensees acting for sellers of residential property. It would prohibit disclosure of current taxable value in listings, require referral to the county assessor for assessed-value information, and mandate a written notice about Amendment 79 assessment caps and their non-transferability. The practical effect is to change how residential property tax information is communicated in real estate transactions and to place additional disclosure obligations on brokers and agents representing sellers.
Sentiment
Based on the bill text and available context, the bill appears to be framed as a consumer-information measure and a clarification of property-tax rules in home sales. There is no recorded committee debate or vote history provided, so no formal opposition or support is documented in the materials supplied. The overall tone of the bill is precautionary and informational, emphasizing buyer awareness and directing parties to official county sources.
Contention
The main point of potential contention is the bill’s restriction on including current taxable value in residential listings and the added disclosure burden on real estate licensees. Real estate professionals may view this as an administrative requirement or a limitation on information commonly used in marketing, while supporters would likely argue it prevents misunderstanding about tax benefits that do not carry over to buyers. Another possible issue is whether the bill could affect transparency in the housing market by limiting how tax-related property information is presented.