Arkansas Law on Valuation Used in Appraisals

Arkansas Code Annotated
Title 26. Taxation
Subtitle 3. Administration of Local Taxes (Chapters 23 to 33)
Chapter 26. Assessment of Taxes
Subchapter 3. Administration Generally

§ 26-26-303. Valuation used in appraisals

(a) The appraisal and assessment shall be according to value as required by Arkansas Constitution, Article 16, Section 5.
(b) The percentage of true and full market or actual value to be used in the appraisal and assessment shall be fixed and certified by the Arkansas Public Service Commission as provided by § 26-24-104.
(c) Until and unless a budget system is adopted with provisions for eliminating excessive and illegal tax rates and expenditures, the commission shall not fix and certify a percentage of true and full market or actual value in excess of twenty percent (20%).

Cite as Ark. Code Ann. § 26-26-303