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SJR 14

Homestead Exemption Increase Amendment

2025 Regular Session Introduced by Jason Barrett and 2 co-sponsors

SJR 14 aimed to amend Arkansas' property assessment rules, impacting tax calculations for property owners and local government funding, but it died in committee.

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Bill Summary · SJR 14

Summary of SJR 14: Constitutional Amendment on Real Property Assessment

Bill Number: SJR 14
Title: A Constitutional Amendment Concerning the Determination of the True Value in Money of Real Property for Assessment Purposes
Status: Died in Senate Committee at Sine Die adjournment
Introduced: February 10, 2025
Classification: Joint Resolution

Purpose and Intent

SJR 14 was introduced to propose an amendment to the Arkansas Constitution that aims to clarify and potentially modify the method used to determine the "true value in money" of real property for assessment purposes. The intent behind this amendment is to ensure that property assessments reflect a fair and accurate valuation, which is crucial for taxation and public funding.

Key Provisions

  • Amendment Proposal: The resolution seeks to amend the existing language in the Arkansas Constitution regarding property valuation. Specific language to be stricken or added was indicated, although the exact changes were not detailed in the provided text.
  • Assessment Purpose: The amendment focuses on establishing a clear standard for assessing the true value of real property, which could impact how property taxes are calculated and levied.

Impact

  • Property Owners: If passed, the amendment would directly affect property owners in Arkansas by potentially altering how their properties are assessed for tax purposes. This could lead to changes in property tax bills, depending on the new valuation standards implemented.
  • Local Governments: Local governments that rely on property taxes for funding essential services would also be impacted, as changes in property assessments could affect their revenue streams.

Legislative Timeline

  • February 10, 2025: SJR 14 was filed and read for the first time. The rules were suspended to allow for a second reading, after which it was referred to the Senate Committee on State Agencies & Governmental Affairs.
  • May 5, 2025: The bill died in the Senate Committee at Sine Die adjournment, meaning it did not progress to a vote or further consideration.

Conclusion

SJR 14 aimed to address the important issue of real property assessment in Arkansas by proposing a constitutional amendment. Although it was introduced with the intent to improve the assessment process, it ultimately did not advance through the legislative process. The implications of such an amendment could have been significant for property owners and local governments alike, highlighting the ongoing discussions around property taxation and valuation in the state.

Compiled from official sources — confirm details with the bill’s official record.

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