§ 26-26-1203 - Merchants. - Arkansas Statutes

26-26-1203. Merchants.

(a) Any person owning or having in his possession or under his control, within this state, with authority to sell it, any personal property purchased with a view to its being sold at a profit, or which has been consigned to him from any place out of this state, to be sold within this state, shall be held to be a merchant for the purpose of this valuation.

(b) (1) The property shall be listed for taxation and in estimating the value the merchant shall take the average value of the property in his possession or under his control during the year immediately preceding January 1 of the year in which the assessment is made.

(2) If the merchant has not been engaged in the business for one (1) year, then he shall take the average valuation during such time as he shall have been so engaged.

(3) If the merchant is commencing business, he shall take the value of the property at the time of assessment.