Arkansas Code Title 26. Taxation § 26-24-104. Basis of valuing property

(a) The Arkansas Public Service Commission shall have the full power and authority in the administration of the tax laws of this state to file with the county judge, county clerk, and county assessor of each county not later than ten (10) days before the time for the beginning of the assessment of property by the county assessors a certificate showing the percentage of true and full market or actual value that it has used, or will use, in valuing for taxation for that year the property the commission is required to assess.

(b) It shall be the duty of the county assessors and county equalization boards and county judges to adopt the same basis of valuation of property in their counties for the purpose of taxation as that certified by the commission.