§ 26-26-405 - Personal property interim millage adjustment.
26-26-405. Personal property interim millage adjustment.
(a) Revenues derived from personal property by each taxing unit in the county are to be frozen at the base-year levels. The millage applied to personal property only is then adjusted downwards in the same proportion that the assessment base increases. The current millage is defined as the millage that was used in each taxing unit to derive the base-year revenues for personal property. This procedure shall be followed each year until the personal property millage rate is equal to or lesser than the millage rate applied to real estate, at which time the interim adjustment is complete, and both personal property and real estate shall thereafter be taxed at the same millage rate.
(b) In calculating the interim millage, all millage will be rounded up only to the nearest one-tenth (1/10) mill or to four (4) places to the right of the decimal.
(c) The adjustment shall be performed by the county clerk at the conclusion of all due process proceedings, or by the second Monday in November, whichever is earlier. The county clerk shall then certify the interim personal property millage rate by taxing unit to the county quorum court by the third Monday in November for certification of all millage rates.
(d) The county clerk shall file and record the completed form required by this section. The clerk shall forward a copy of the form to the Assessment Coordination Division of the Arkansas Public Service Commission by December 1 of each year where an interim millage is used, or the year of final adjustment.
PERSONAL PROPERTY INTERIM MILLAGE ADJUSTMENT