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Plan to reduce assessed-value multiplier from 20% to 15% fails after assessors warn of large school funding shortfall
Summary
A proposal to lower the assessed-value multiplier for property taxation from 20% to 15% failed in committee after assessors and county officials warned it would cut property tax revenue by about 25% and would shift costs to schools or other revenue sources.
Representative Lundstrom proposed lowering the multiplier used to convert market value into assessed value from the statutory 20% cap to 15%, an effort intended to ease property-tax bills for homeowners and businesses. The committee heard detailed testimony from Russell Hill, Washington County assessor, and representatives of the Assessors Association and Association of Arkansas Counties, who opposed the measure.
Lundstrom said…
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