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Arkansas Code Title 26. Taxation § 26-26-406. Utilities and regulated carriers

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

The following tax adjustment procedure must be completed by the county clerk on or before the third Monday in November, after all due process proceedings of the county equalization board and county court. Upon completion, the county clerk shall record and file the original, sending certified copies to the county quorum court and the Assessment Coordination Division by the third Monday in November.

Public Utility and Regulated Carrier Property Tax Adjustment

Procedure For the Year ______

for

________________________________________

(Company Name)

in

________________________________________

(Taxing Unit)

________________________________________

(County)

I.

Calculating Base Year Taxes:

a.

Base year total assessment:

____________________________________________

b.

Base year millage rate prior to rollback:

____________________________________________

c.

Base year taxes (line a x b);

____________________________________________

II.

Calculating Current Year Taxes:

a.

Current year total assessment:

____________________________________________

b.

Current year millage rate after rollback:

____________________________________________

c.

Current year taxes (Line a x b);

____________________________________________

III.

Property Tax Adjustment Time Frame:

a.

Base year:

____________________________________________

b.

First five-year adjustment period:

Adjustment

Year

Year

Date

1

____________

1st Year After Base Year

2

____________

2nd Year After Base Year

3

____________

3rd Year After Base Year

4

____________

4th Year After Base Year

5

____________

5th Year After Base Year

c.

Second five-year adjustment period:

Adjustment

Year

Year

Date

6

____________

6th Year After Base Year

7

____________

7th Year After Base Year

8

____________

8th Year After Base Year

9

____________

9th Year After Base Year

10

____________

10th Year After Base Year

IV. Property Tax Calculations:

a. First five-year adjustment period:

1. Are current year taxes from Item II greater than base year taxes from Item I?

a. ___Yes. Then Current Year Taxes only are to be billed and the adjustment process is complete.

b. ___No. Then Base Year Taxes only are to be billed.

b. Second five-year adjustment period:

1. Are current year taxes (from Item II) greater than base year taxes (from Item I)?

a. ___Yes. Then Current Year Taxes only are to be billed and the adjustment process is complete.

b. ___No. Then complete the following adjustment process to calculate the adjusted tax due.

2. Tax due adjustment procedure:

Base

Current

Current

Adj.

Year

Year

Adjust.

Year

Adjusted

Year

Taxes

-

Taxes

x

Factor

+

Taxes

=

Tax Due

6

-

x

.80

+

=

7

-

x

.60

+

=

8

-

x

.40

+

=

9

-

x

.20

+

=

10

-

x

Ø

+

=
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Cite this article: FindLaw.com - Arkansas Code Title 26. Taxation § 26-26-406. Utilities and regulated carriers - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-26-taxation/ar-code-sect-26-26-406/

Read this complete Arkansas Code Title 26. Taxation § 26-26-406. Utilities and regulated carriers on Westlaw

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