Arkansas § 26-26-408 Implementation of millage rollback in fringe school districts - Definition

Arkansas Statutes

§ 26-26-408 — Implementation of millage rollback in fringe school districts - Definition

(a)As used in this section, "fringe school districts" means those school districts whose boundaries extend across one (1) or more county lines.

(b)When there is a statewide or countywide reappraisal of property for ad valorem tax purposes pursuant to court order or pursuant to law enacted by the General Assembly, the millage rollback for fringe school districts will be implemented as follows: That part of the school district in a county reappraised first will be rolled back in accordance with procedures prescribed in this subchapter, and taxes will be levied at that millage rate until such time as a similar reappraisal is completed in the other counties in which the school district lies and the millage in those counties is rolled back in accordance with this subchapter at which time the

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(a) As used in this section, "fringe school districts" means those school districts whose boundaries extend across one (1) or more county lines. (b) When there is a statewide or countywide reappraisal of property for ad valorem tax purposes pursuant to court order or pursuant to law enacted by the General Assembly, the millage rollback for fringe school districts will be implemented as follows: That part of the school district in a county reappraised first will be rolled back in accordance with procedures prescribed in this subchapter, and taxes will be levied at that millage rate until such time as a similar reappraisal is completed in the other counties in which the school district lies and the millage in those counties is rolled back in accordance with this subchapter at which time the rolled back millage for the first part of the school district that has been reappraised and the rolled back millage for each succeeding part of the school district that has been reappraised shall be averaged, weighted by the percentage of the total assessment of the school district that each part consists of in order to create a weighted average millage, and thereafter the weighted average millage for the school district will be the millage rate levied in the whole school district.

Arkansas § 26-26-408 (Implementation of millage rollback in fringe school districts - Definition) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.