Under the Arkansas homestead exemption as established by the Arkansas Constitution, Art. 9, §§ 3–6, which of the following statements is NOT accurate?
Correct Answer
C) The urban homestead exemption is capped at a maximum dollar value set by the Arkansas legislature.
Option C is NOT accurate. The Arkansas constitutional homestead exemption does not impose any dollar-value cap on the protected homestead. The Arkansas Constitution, Art. 9, §§ 3–6, protects the homestead based on acreage limits (one-quarter acre urban, 80 acres rural) without limiting the property's monetary value. There is no legislatively set dollar cap on the homestead exemption value.
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A licensed Arkansas real estate agent is helping a buyer named Marcus compare two properties. Property A has a true market value of $300,000, and Property B has a true market value of $150,000. Marcus asks the agent how Arkansas determines the taxable value used to calculate property taxes. Which explanation is correct?
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