Freezes the assessed value of real property owned by persons aged sixty-five or over, for the purposes of determining taxes owed on such property
Summary
This bill amends section 467 of the Real Property Tax Law to create a new rule for property owned by one or more people who are each 65 years of age or older. For tax purposes, the assessed value of that property could not be increased above the assessed value determined on the valuation date most recently before all owners reached age 65, even if the property’s actual assessed value later rises. The measure applies notwithstanding any contrary state or local law, rule, regulation, or ordinance.
The bill is aimed at limiting property tax growth for older homeowners by freezing the taxable assessed value of qualifying real property once the owners reach age 65. It would take effect immediately and apply to taxable years beginning on or after that date, which means local assessors and taxing jurisdictions would need to use the frozen assessment baseline for eligible properties going forward.
Impact
The bill would amend the Real Property Tax Law by adding a new subdivision to section 467, creating a statewide assessment freeze for qualifying owner-occupied property held by seniors age 65 and over. It would constrain local taxing authorities and assessors by overriding inconsistent local rules and preventing upward reassessment for tax purposes after the freeze date, potentially reducing property tax liability for eligible older homeowners and affecting municipal tax bases.
Sentiment
No committee transcript or vote record is available, so there is no documented debate or recorded floor sentiment in the materials provided. Based on the bill’s text and caption, the measure appears to be framed as a property tax relief proposal for seniors, which typically attracts support from advocates for older homeowners and fixed-income taxpayers.
Contention
The main policy issue is the tradeoff between senior property tax relief and the effect on local government revenues and assessment practices. Supporters would likely emphasize affordability and stability for older homeowners, while potential opponents or fiscal stakeholders may raise concerns about reduced tax receipts, fairness relative to other taxpayers, and the administrative impact of freezing assessments based on age and ownership status.
Relates to school property and real property taxes; establishes the blue ribbon commission on property tax reform; relates to state assistance for local real property reassessment, state assistance to assessing units within a school district, providing a fixed real property assessed value for residential real property owned by certain persons over the age of 65 and providing state reimbursement to municipalities for lost real property tax revenue; requires the state to fund certain programs mandated for municipal corporations or school districts.
To Amend The Definition Of "assessed Value" For Purposes Of The Assessment Of Property; And To Establish A Method Or Procedure For The Valuation Of Property For Taxation Purposes Under Arkansas Constitution, Article 16, § 5.
Requires applications for property tax exemptions by nonprofit organizations be filed at the time of purchase of a property; provides that the attorney or agent responsible for filing such application shall be fined twenty-five percent of the property's assessed taxes if such application is not timely filed.
Expands the real property tax exemption for persons with disabilities to property owners who are a parent or parents of an individual with a disability and such individual lives at such property.
To Amend The Law Concerning The Assessment Of Property For The Purpose Of Property Tax; And To Repeal The Requirement That Personal Property Subject To Taxation Be Listed Or Reported By The Property Owner.
Authorizes the city of Oleans assessor to accept an application for a real property tax exemption from OWH Properties, Inc. (Operation Warm Hearts) for all of the 2025-2026 school taxes and all of the 2025 general taxes.