TO ESTABLISH A METHOD OF VALUATION FOR REAL PROPERTY USED FOR AFFORDABLE HOUSING; AND TO ESTABLISH A METHOD OF VALUATION FOR CERTAIN REAL PROPERTY UNDER ARKANSAS CONSTITUTION, ARTICLE 16, § 5.

House Bill 1894, now Act 842, establishes a method for valuing real property used for affordable housing in Arkansas. The bill directs the Assessment Coordination Division to create rules and guidelines to ensure the fair and equitable assessment of all real property used for housing, specifically including affordable housing and properties under certain U.S. Department of Agriculture programs. This process aims to provide a consistent valuation approach for these types of properties. The division is required to file these initial rules by January 1, 2026, or as soon as practicable after legislative approval.