§1. Homesteads of $1,000.00 assessed valuation exempted from certain taxes.
The homestead of each and every resident of the State, whether or not such resident be married or unmarried, male or female, shall be wholly exempt from all state taxes authorized or referred to in Section 8 of Article 16 of the Constitution of Arkansas in all cases where such homestead does not exceed the assessed valuation of one thousand dollars ($1,000.00). Where the assessed valuation of such homestead exceeds one thousand dollars ($1,000.00) this exemption shall apply to the first one thousand dollars ($1,000.00) of such valuation.§2. Legislature authorized to make further exemptions.
Within a maximum limit of two thousand five hundred dollars ($2,500.00) and a minimum limit of one thousand dollars ($1,000.00), the legislature is hereby authorized and empowered from time to time to fix the amount of the exemption hereby provided.§3. Legislature to restore tax funds eliminated hereby, and to pass enabling law.
It is hereby made the duty of the legislature, and the legislature is hereby directed:(b) To enact, without unnecessary delay, all legislation necessary and sufficient to make this amendment in all respects effective and workable.
