TO AMEND THE DEFINITION OF "ASSESSED VALUE" FOR PURPOSES OF THE ASSESSMENT OF PROPERTY; AND TO ESTABLISH A METHOD OR PROCEDURE FOR THE VALUATION OF PROPERTY FOR TAXATION PURPOSES UNDER ARKANSAS CONSTITUTION, ARTICLE 16, § 5.

HB 1912 aimed to change how real property is assessed for taxation in Arkansas. The bill proposed to reduce the "assessed value" of real property from 20% to 15% of its appraised value. This change would have affected how county assessors determine the assessed value of real property, especially after a transfer of title. If enacted, these provisions would have applied to assessment years beginning on or after January 1, 2026, impacting property owners.