Arkansas Code Title 26. Taxation § 26-26-405. Interim millage adjustment--Personalty

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

(a) Revenues derived from personal property by each taxing unit in the county are to be frozen at the base-year levels. The millage applied to personal property only is then adjusted downwards in the same proportion that the assessment base increases. The current millage is defined as the millage that was used in each taxing unit to derive the base-year revenues for personal property. This procedure shall be followed each year until the personal property millage rate is equal to or lesser than the millage rate applied to real estate, at which time the interim adjustment is complete, and both personal property and real estate shall thereafter be taxed at the same millage rate.

(b) In calculating the interim millage, all millage will be rounded up only to the nearest one-tenth ( 1/10 ) mill or to four (4) places to the right of the decimal.

(c) The adjustment shall be performed by the county clerk at the conclusion of all due process proceedings, or by the second Monday in November, whichever is earlier. The county clerk shall then certify the interim personal property millage rate by taxing unit to the county quorum court by the third Monday in November for certification of all millage rates.

(d) The county clerk shall file and record the completed form required by this section. The county clerk shall forward a copy of the form to the Assessment Coordination Division by December 1 of each year where an interim millage is used, or the year of final adjustment.

PERSONAL PROPERTY INTERIM MILLAGE ADJUSTMENT
COUNTY:	____________________________________________________________________________
TAXING UNIT:	____________________________________________________________________________
DATE:	____________________________________________________________________________

Data Needed For Calculation

1.	Base year revenues	______________________________________________
2.	Previous year assessment base	______________________________________________
3.	New assessment base	______________________________________________
4.	Current millage by tax source:
	Maintenance & Operations	______________________________________________
	Bonds or Debt Service	______________________________________________
		______________________________________________
		______________________________________________
	Others	______________________________________________
		______________________________________________
		______________________________________________

Millage Adjustment Calculations

1.	Determination of assessment base growth factor:
	Previous		New
	Assessment Base	/	Assessment Base	=	Growth Factor
	___________________	/	___________________	=	_________________

	Growth Factor	x	Current Millage	=	Interim Millage/Rounded To
2.	Millage adjustments by tax source:
	M & O ___________	x	__________________	=	_____________/_____________
	Bonds ___________	x	__________________	=	_____________/_____________
	_________________	x	__________________	=	_____________/_____________
	_________________	x	__________________	=	_____________/_____________
	Other ___________	x	__________________	=	_____________/_____________
	_________________	x	__________________	=	_____________/_____________
	_________________	x	__________________	=	_____________/_____________
TOTAL INTERIM MILLAGE _____________

	Total Interim Millage	x	New Assessment Base	=	Revenue
3.	Verification:
	________________________	x	_________________________	=	________________

Previous Part of Code Next Part of Code

Back to Chapter List

Cite this article: FindLaw.com - Arkansas Code Title 26. Taxation § 26-26-405. Interim millage adjustment--Personalty - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-26-taxation/ar-code-sect-26-26-405/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Arkansas Code Title 26. Taxation § 26-26-405. Interim millage adjustment--Personalty

Search all Arkansas Codes

Welcome to FindLaw's Cases & Codes

Latest Blog Posts

For Legal Professionals

Learn About The Law

Need to Find an Attorney?