Arkansas Defines Property Tax Valuation Terms

The Arkansas Governor signed a law providing definitions to be used in the valuation of property for ad valorem taxes. The law includes defining: 1) cost approach; 2) income approach; 3) market approach; 4) fair market value; and 5) useful life. The law takes effect 91 days after the final adjournment of the legislative session and the provisions in the law are effective on and after Jan. 1. [S.B. 573, enacted 04/17/25]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.