§ 26-26-1122 - Definitions. - Arkansas Statutes

26-26-1122. Definitions.

(a) As used in this subchapter and in the Arkansas Constitution, Amendment 79:

(1) (A) "Homestead" means the dwelling of a person that is used as his or her principal place of residence with the contiguous land, excluding all land valued as agricultural land, pasture land, or timber land.

(B) "Homestead" shall also include a dwelling owned by a revocable trust and used as the principal place of residence of a person who formed the trust;

(2) "New construction" means changes to real property that have occurred to real property already on the assessment roll;

(3) "Newly discovered real property" means real property that has never been on the assessment roll or that has changed use; and

(4) (A) "Property owner" means a person who is:

(i) The owner of record of real property or the mortgagee of the real property;

(ii) A buyer under a recorded contract to purchase real property; or

(iii) A person holding a recorded life estate in real property.

(B) "Property owner" shall include the previous record owner of tax-delinquent real property that has vested in the State of Arkansas in care of the Commissioner of State Lands under 26-37-101(c) if the previous record owner continues to occupy the residence subject to his or her right of redemption.

(b) The Assessment Coordination Department may by rule define the term "substantial improvements" and any other term necessary to administer this subchapter.