Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 3 - ADMINISTRATION OF LOCAL TAXES (§§ 26-23-201 — 26-28-308) › Chapter 26 - ASSESSMENT OF TAXES (§§ 26-26-101 — 26-26-2001) › Subchapter 14 - TANGIBLE PERSONAL PROPERTY (§§ 26-26-1401 — 26-26-1409) › Section 26-26-1408 - Time for assessment and payment

(a)
(1)
A taxpayer shall annually assess his or her tangible personal property for ad valorem taxes during the period from January 1 through May 31.
(2)
(A)
Taxable tangible personal property of a new resident and a new business established between January 1 and May 31 and taxable tangible personal property acquired by a resident during the period from January 1 through May 31, except tangible personal property acquired during the period of May 2 through May 31, shall be assessable without delinquency within thirty (30) days following the date of its acquisition.
(B)
All taxable tangible personal property assessable during this period shall be assessed according to its market value as of:
(i)
January 1 of the year of the assessment; or
(ii)
The date of acquisition if the tangible personal property was acquired during the period of January 2 through May 31 of the year of assessment.
(3)
The ten percent (10%) penalty for delinquent assessment shall not apply to tangible personal property becoming eligible for assessment through May 31 if the tangible personal property is assessed on or before May 31, except that:
(A)
If May 31 of an assessment year falls on a Saturday, Sunday, or postal holiday, then the last day to assess without incurring a penalty shall be the following business day; and
(B)
Tangible personal property acquired during the period of May 2 through May 31 shall be assessable without penalty within thirty (30) days following the date of its acquisition.
(4)
(A)
Taxable tangible personal property of a person moving his or her residence from Arkansas, and taxable tangible personal property disposed of by a resident and a business, during the period between January 1 and May 31, if assessed for that year, shall be removed from the assessment rolls, and, if not assessed, shall not be deemed assessable for that year.
(B)
Before removal of the tangible personal property from the assessment rolls, it shall be the responsibility of the property owner to provide the county assessor with notification, and, upon request from the county assessor, proof of the disposal.
(5)
The tangible personal property referred to in subdivisions (a)(1)-(4) of this section shall not include the inventory of a commercial establishment because specific provisions for the assessment of the inventory of a commercial establishment is provided elsewhere in this Arkansas Code.
(6)
(A)
The county assessor may list, value, and assess tangible personal property for a period extending through July 31 of each year of assessment.
(B)
Assessment of tangible personal property after July 31 shall be according to provision of existing law.
(b)
(1)
Except as provided in subdivision (b)(2) of this section, personal property taxes are payable each year between the first business day in March and October 15 inclusive.
(2)
A taxpayer may pay personal property taxes before the first business day in March if the county collector exercises his or her authorization under §
26-35-501(a)(1)(B)
to open the tax books before the first business day in March.
Amended by Act 2021, No. 307,§ 1, eff. 3/9/2021.
Amended by Act 2015, No. 59,§ 1, eff. 2/13/2015.
Acts 1981, No. 927, § 2; A.S.A. 1947, § 84-494.1; Acts 1987, No. 621, §§ 2, 4; 1988 (3rd Ex. Sess.), No. 35, § 1; 1991, No. 860, § 2; 1995, No. 754, § 1; 1999, No. 1292, § 1; 2007, No. 827, § 204; 2009, No. 277, § 1; 2011, No. 175, § 9.