Arkansas Governor Signs Property Tax Law Qualifying Certain Dwellings Owned by LLCs for Homestead Credit

The Arkansas Governor April 11 signed a law regarding the homestead property tax credit. The law includes measures: 1) requiring a limited liability company (LLC) to provide a certificate of good standing from the Secretary of State to qualify for the property tax credit; 2) requiring the members of the LLC to provide a signed attestation that they aren’t claiming the homestead credit on another parcel of land; 3) amending the homestead definition to include a dwelling owned by an LLC whose members are either a married couple or otherwise no more than one natural person, at least one of ...