§ 19-5-1096 — Arkansas Real Property Reappraisal Fund

(a) (1) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the "Arkansas Real Property Reappraisal Fund". (2) (A) The proceeds of the fund shall be used to pay counties and professional reappraisal companies for the reappraisal of real property required by § 26-26-1901 et seq. and shall be in lieu of real property reappraisal funding by the local taxing units in each county of this state. (B) There shall be no deduction from the proceeds of the fund to pay any other fees or expenses except as provided in § 26-26-1901 et seq. (b) For cause and after an opportunity for hearing, the Director of the Assessment Coordination Division may suspend or terminate the contract of any appraisal firm or county. (c) (1) The fund proceeds shall be distributed monthly, except when there is a determination by the Assessment Coordination Division that proper reappraisal procedures established by the division are not being followed. (2) (A) (i) Upon a finding by the division that proper reappraisal procedures are not being followed, the county assessor or contractor shall be notified that the reappraisal is out of compliance with accepted guidelines established in § 26-26-1901 et seq. and rules enacted pursuant thereto. (ii) The division shall notify the county assessor or contractor in writing that the assessor or contractor has thirty (30) days in which to bring the reappraisal into compliance. (B) If there is a further finding that proper reappraisal procedures are not being followed, the contract shall be promptly terminated and the division shall negotiate another contract and management plan for the completion of the reappraisal project. (d) Based on its expertise and the criteria and requirements set forth in § 26-26-1901 et seq., the division shall establish by rule the findings that indicate that proper reappraisal procedures are not being followed. (e) At the end of each countywide reappraisal, the division shall issue a report of the status of the county.

Legislative History

Amended by Act 2019, No. 388,§ 3, eff. 7/24/2019. Acts 1999, No. 1185, § 6; 2001, No. 1553, § 29.