AN AMENDMENT TO THE ARKANSAS CONSTITUTION TO REPEAL PROVISIONS CONCERNING THE REAPPRAISAL AND REASSESSMENT OF REAL PROPERTY; AND TO AMEND ARKANSAS CONSTITUTION, AMENDMENT 79, CONCERNING REAL PROPERTY TAXES.

HJR 1012 proposes an amendment to the Arkansas Constitution to change how real property is assessed for tax purposes. It aims to repeal current constitutional provisions for regular county-wide reappraisals and instead fix the assessed value of real property at its most recent previous assessment on or before December 31, 2026. This fixed value would only change if the property is sold or transferred, if new construction or substantial improvements are added, or if the property's use changes.