§ 14-168-311 — Valuation of real property

Arkansas § 14-168-311

• Jurisdiction: Arkansas
• Title: 14

Text

(a) (1) Upon and after the effective date of the creation of a redevelopment project district, the county assessor of the county in which the district is located shall transmit to the county clerk, upon the request of the local governing body, the base value, total ad valorem rate, debt service ad valorem rate, and applicable ad valorem rate for the redevelopment district and shall certify to it. (2) (A) The assessor shall undertake, upon request of the local governing body, an investigation, examination, and inspection of the taxable real property in the district and shall reaffirm or revalue the base value for assessment of the property in accordance with the findings of the investigation, examination, and inspection. (B) The assessor shall determine, according to his or her best judgment from all sources available to him or her, the full aggregate value of the taxable property in the district, which aggregate valuation, upon certification thereof by the assessor to the clerk, constitutes the base value of the area. (b) (1) (A) (i) The assessor shall give notice annually to the designated finance officer of each taxing unit having the power to levy taxes on property within each district of the current value and the incremental value of the property in the redevelopment district. (ii) The assessor shall also determine the tax increment by applying the applicable ad valorem rate to the incremental value. (B) The notice shall also explain that the entire amount of the tax increment allocable to property within the redevelopment district will be paid to the special fund of the redevelopment district. (2) The assessor shall identify upon the assessment roll those parcels of property which are within each existing district specifying on it the name of each district.

Legislative History

Acts 2001, No. 1197, § 12.