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Arkansas Code Title 26. Taxation § 26-26-404. Computation and certification form

Current as of March 28, 2024 | Updated by Findlaw Staff

(a)(1) The governing body of each taxing unit in the base year of countywide reassessment shall complete the following form and return the form to the county clerk on or before the third Monday in November of the base year, using certified data provided by the county clerk as described in § 26-26-402.

(2) The form shall be signed by the officers of the governing body of each taxing unit.

(b)(1) If newly discovered and new construction properties are less than a ten percent (10%) increase in assessments, the governing body of each taxing unit may elect to increase the rolled back millage an amount to allow no more than an overall ten percent (10%) increase in taxes.

(2) If the newly discovered and new construction property list is ten percent (10%) or more above reassessment total, the total amount is allowed; however, no increase in the rolled back millage shall be considered.

(c) Each tax source or millage levy shall be computed and rounded up to the nearest one-tenth ( 1/10 ) mill.

(d) The county clerk shall file and record the completed forms required in § 26-26-403 and this section and shall forward a copy of the forms to the Assessment Coordination Division by December 1 of the base year.

Base Year Millage Rollback Computation and Certification Form

COUNTY:

_________________________________________

TAXING UNIT:

_________________________________________

DATE:

_________________________________________

1.

Compute the following to discover total of reassessed property:

a.

Total base year assessments

_________________________________

b.

Less newly discovered, new
construction properties

_________________________________

c.

Equals total reassessed properties

_________________________________

 2.

Compute the following to find the zero-increase millage adjustment:

a.

Base-year taxes certified for collection

_________________________________

b.

Divided by reassessed properties

_________________________________

c.

Equals zero-increase millage

_________________________________

 3.

Compute the following to find the percentage of newly discovered property:

a.

Newly discovered, new construction properties

_________________________________

b.

Divided by total assessed properties

_________________________________

c.

Equals percent newly discovered

_________________________________

 4.

Millage adjustment option:

a.

Maximum increase option 10%

_________________________________

b.

Minus newly discovered property percentage

_________________________________

c.

Allowable optional millage increase

_________________________________

 5.

To compute millage adjustment option if applicable:

a.

Rolled back zero-base millage

_________________________________

b.

Times allowed optional millage increase percent

_________________________________

c.

Equals indicated overall millage of

_________________________________

 6.

Each tax source or levy shall be adjusted by applying the following computed multipliers and adjusting to the next highest one-tenth ( 1/10 ) mill:

a.

Overall millage from 5.c. above

_________________________________

b.

Divided by previous millage prior to base year

_________________________________

c.

Equals multiplier

_________________________________

 7.

Compute each tax source or levied millage in the following table:

Previous

Adjusted Rounded

Tax Source

Millage

x

Multiplier

=

Millage/Millage

_____________________________

__________

x

___________

=

________/________

_____________________________

__________

x

___________

=

________/________

_____________________________

__________

x

___________

=

________/________

_____________________________

__________

x

___________

=

________/________

_____________________________

__________

x

___________

=

________/________

_____________________________

__________

x

___________

=

________/________

_____________________________

__________

x

___________

=

________/________

                               

Total
Millage

= ______________

Minimum Millage Required by Arkansas Constitution, Amendment 74

= ________

Minimum Millage to be Levied (Greater of above)

= ________

CERTIFICATION:

Signatures

_________________________________________________

_________________________________________________

_________________________________________________

8.

Proration of minimum millage by tax source if applicable:

a.

Millage to be levied

__________

b.

Divided by total previous millage

__________

c.

Equals multiplier

__________

d.

Compute each tax source or levied millage in the following table:

Previous

Adjusted Rounded

Tax Source

Millage

x

Multiplier

=

Millage/Millage

_____________________________

__________

x

___________

=

________/________

_____________________________

__________

x

___________

=

________/________

_____________________________

__________

x

___________

=

________/________

_____________________________

__________

x

___________

=

________/________

_____________________________

__________

x

___________

=

________/________

_____________________________

__________

x

___________

=

________/________

_____________________________

__________

x

___________

=

________/________

                               Total Millage

= _______

9.

TOTAL MILLAGE TO BE LEVIED __________

CERTIFICATION:

Signatures

_________________________________________________

_________________________________________________

_________________________________________________
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Cite this article: FindLaw.com - Arkansas Code Title 26. Taxation § 26-26-404. Computation and certification form - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-26-taxation/ar-code-sect-26-26-404/

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