Assessors ask legislators to pinpoint property credit details
Some fuzzy areas remain in the administration of Arkansas' new $300 property tax credit to homeowners, according to Poinsett County Assessor Johnny Rye, Jr.
"So many different combinations of property ownership exist," he said. "Just as one example, you might buy a house in Jonesboro which the previous owner had a $300 exemption for, but it is a second for you. The guidelines haven't been set on crediting part-year exemptions."
Assessors statewide have developed six questions pertaining to such situations, and have asked legislators in Little Rock to clarify proper administration of the new homestead exemption.
Rye traveled to the capitol this past week, as a representative of the Assessors Coordination Department, the Division of Legislative Audit and the Board of Arkansas Assessors, to pinpoint answers for such situations. Rye said he and Faulkner County Assessor Jeb Stevens met with Larry Teague, chairman of the House Revenue Committee, and they reviewed all six questions one by one.
Teague agreed to take the questions into interim study in July, Rye said, when the senate and house committees will return their decisions in the form of a directive legislative intent.
"We'll know exactly where we're going when they return their decisions," Rye said.