ARKANSAS CONSTITUTION
ARTICLE XVI
FINANCE AND TAXATION
Art. XVI §1 | LENDING CREDIT — BOND ISSUES — INTEREST-BEARING WARRANTS
Art. XVI §2 | DEBTS OF STATE — PAYMENT
Art. XVI §3 | MAKING PROFIT OUT OF OR MISUSING PUBLIC FUNDS — PENALTY
Art. XVI §4 | SALARIES AND FEES OF STATE OFFICERS
Art. XVI §5 | PROPERTY TAXED ACCORDING TO VALUE — PROCEDURES FOR VALUATION — TAX EXEMPTIONS
(b) The following property shall be exempt from taxation: public property used exclusively for public purposes; churches used as such; cemeteries used exclusively as such; school buildings and apparatus; libraries and grounds used exclusively for school purposes; and buildings and grounds and materials used exclusively for public charity.
Nothing in this Section shall affect or repeal the provision of Amendment 57 to the Constitution of the State of Arkansas pertaining to intangible personal property.
Art. XVI §6 | OTHER TAX EXEMPTIONS FORBIDDEN
Art. XVI §7 | TAXATION OF CORPORATE PROPERTY
Art. XVI §8 | MAXIMUM RATE OF STATE TAXES
Art. XVI §9 | COUNTY TAXES — LIMITATION
Art. XVI §10 | PAYMENT OF COUNTY AND MUNICIPAL TAXES
Art. XVI §11 | LEVY AND APPROPRIATION OF TAXES
Art. XVI §12 | DISBURSEMENT OF FUNDS — APPROPRIATION REQUIRED
Art. XVI §13 | ILLEGAL EXACTIONS
Art. XVI §14 | PROCEDURE FOR ADJUSTMENT OF TAXES AFTER REAPPRAISAL OR REASSESSMENT OF PROPERTY
(ii) by computing the adjusted or rollback millage rates on the basis of the reassessed taxable real property for the base year that will produce an amount of revenue no greater than ten percent (10%) above the revenues produced from the assessed value of real property in the taxing unit (after making the aforementioned adjustments for personal properties and properties of public utilities and regulated carriers noted above) from millage rates in effect in the taxing unit during the base year in which the millage adjustment or rollback is to be calculated. Provided, further, that in calculating the amount of adjusted or rollback millage necessary to produce tax revenues no greater than ten percent (10%) above the revenues received during the previous year, the governing body shall separate from the assessed value of taxable real property of the taxing unit, newly-discovered real property and new construction and improvements to real property, after making the adjustments for personal property or property of public utilities and regulated carriers noted above, and shall compute the millage necessary to produce an amount of revenues equal to, but no greater than the base year revenues of the taxing unit from each millage source. Such taxing unit may elect either to obtain an increase in revenues equal to the amount of revenues that the computed or adjusted rollback millage will produce from newly-discovered real property and new construction and improvements to real property, or if the same be less than ten percent (10%), the governing body of the taxing unit may recompute the millage rate to be charged to produce an amount no greater than ten percent (10%) above the revenues collected for taxable real property during the base year.
Provided, however, that the amount of revenues to be derived from taxable personal property assessed in the taxing unit for the base year, other than personal property taxes to be paid by public utilities and regulated carriers in the manner provided hereinabove, shall be computed at the millage necessary to produce the same dollar amount of revenues derived during the current year in which the base year adjustment or rollback of millage is computed, and the millage necessary to produce the amount of revenues received from personal property taxes received by the taxing unit, for the base year shall be reduced annually as the assessed value of taxable personal property increases until the amount of revenues from personal property taxes, computed on the basis of the current year millage rates will produce an amount of revenues from taxable personal property equal to or greater than received during the base year, and thereafter the millage rates for computing personal property taxes shall be the millage rates levied for the current year.
Provided, however, that the taxes to be paid by public utilities and regulated carriers in the respective taxing units of the several counties of this State during the first five (5) calendar years in which taxes are levied on the taxable real and personal property as reassessed and equalized in each of the respective counties as a part of a statewide reappraisal program, shall be the greater of the following:
(2) the amount of taxes due on the assessed valuation of taxable real and tangible personal property belonging to the public utilities or regulated carriers located in or assigned to the taxing unit in each county at millage rates levied for the current year.
(i) in the event the amount of taxes paid the taxing unit in a county in the base year, as defined herein, is greater than the taxes due to be paid to such taxing unit for the current year of any year of the second (2nd) period of five (5) years after the base year, the difference between the base year taxes and the current year taxes for any year of such five (5) year period shall be adjusted as follows:
| Current year of second period of (5) years | Taxes shall be current year taxes to which shall be added the following percentage of the difference between the current year taxes and the base year taxes (if greater than current year taxes) |
|---|---|
| 1st year | 80% of difference |
| 2nd year | 60% of difference |
| 3rd year | 40% of difference |
| 4th year | 20% of difference |
| 5th year and thereafter | Current years taxes only. |
Provided, that in the event the aforementioned requirement for payment of taxes by public utilities and regulated carriers, or any class of utilities or carriers for the ten (10) year period noted above, shall be held by court decision to be contrary to the constitution or statutes of this State or of the Federal Government, the General Assembly may provide for other utilities or classes of carriers to receive the same treatment provided or required under the court order, if deemed necessary to promote equity between similar utilities or classes of carriers.
Art. XVI §15 | ASSESSMENT OF RESIDENTIAL PROPERTY AND AGRICULTURAL, PASTURE, TIMBER, RESIDENTIAL AND COMMERCIAL LAND
(b) Agricultural land, pasture land, timber land, residential and commercial land, excluding structures thereon, used primarily as such, shall be valued for taxation purposes under the provisions of Section 5 of this Article, upon the basis of its agricultural, pasture, timber, residential, or commercial productivity or use, and when so valued, such land shall be assessed at the same percentum of value and taxed at the same rate as other property subject to ad valorem taxes.
(c) The General Assembly shall enact laws providing for the administration and enforement of this Section and for the imposition of penalties for violations of this Section, or statutes enacted pursuant thereto.
Art. XVI §16 | PROVIDING FOR EXEMPTION OF VALUE OF RESIDENCE OF PERSON 65 OR OVER
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