Arkansas § 26-26-1207 Motor vehicle dealer inventory

Arkansas Statutes

§ 26-26-1207 — Motor vehicle dealer inventory

Arkansas § 26-26-1207

Title26

This text of Arkansas § 26-26-1207 (Motor vehicle dealer inventory) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 26-26-1207 (2026).

Text

(a)The General Assembly recognizes that motor vehicles are unique in regard to the procedure for assessment of personal property taxes, registration and titling, and payment of sales taxes and that there is a correlation between sales of motor vehicles by motor vehicle dealers and the valuation of motor vehicle inventory.

(b)The method of determining the average value of inventory of motor vehicle dealers in accordance with § 26-26-1201 and § 26-26-1203(b) shall be as provided in this section.

(c)The assessment of motor vehicle inventories of motor vehicle dealers shall be determined by calculating the monthly average of the number of sales of new and used motor vehicles by the dealer and multiplying the average by the unit inventory value.

(d)The unit inventory value shall be based on

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(a) The General Assembly recognizes that motor vehicles are unique in regard to the procedure for assessment of personal property taxes, registration and titling, and payment of sales taxes and that there is a correlation between sales of motor vehicles by motor vehicle dealers and the valuation of motor vehicle inventory. (b) The method of determining the average value of inventory of motor vehicle dealers in accordance with § 26-26-1201 and § 26-26-1203(b) shall be as provided in this section. (c) The assessment of motor vehicle inventories of motor vehicle dealers shall be determined by calculating the monthly average of the number of sales of new and used motor vehicles by the dealer and multiplying the average by the unit inventory value. (d) The unit inventory value shall be based on the typical new and used car values by name of manufacturer as set forth in the Arkansas Commercial Personal Property Appraisal Manual published in the year prior to the year of assessment by the Assessment Coordination Division.