Which government official in Arkansas is primarily responsible for determining the appraised (true market) value of real property for property tax assessment purposes?
Correct Answer
A) The county assessor
Under Ark. Code Ann. § 26-26-101 et seq., the county assessor is responsible for appraising and valuing real property within each county for property tax purposes. The county assessor determines the true market value, which is then reduced to the 20% assessed value used to calculate the property tax bill.
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Under the Arkansas homestead exemption as established by the Arkansas Constitution, Art. 9, §§ 3–6, which of the following statements is NOT accurate?
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Patricia owns a 100-acre farm in rural Benton County, Arkansas, where she has lived for 20 years. A bank obtains a judgment against Patricia for an unpaid business loan and attempts to force the sale of the entire 100-acre property to satisfy the debt. Patricia claims the Arkansas homestead exemption. Which of the following best describes the legal outcome?