§ 26-35-501 - Time to pay -- Installments. - Arkansas Statutes

26-35-501. Time to pay -- Installments.

(a) (1) All ad valorem taxes levied on real and personal property by the several county courts of the state when assembled for the purpose of levying taxes, except taxes on the property of utilities and carriers and all ad valorem taxes on real property held in escrow, shall be due and payable on and from the first business day in March to and including October 10 in the year succeeding the year in which the levy is made.

(2) (A) Every taxpayer other than a utility or carrier shall have the option to pay the taxes on real property of the taxpayer in installments as follows:

(i) The first installment of one-fourth (1/4) of the amount of the taxes shall be payable on and from the third Monday in February to and including the third Monday in April;

(ii) A second installment of one-fourth (1/4) or a first installment of one-half (1/2) if no payment was made before the third Monday in April shall be payable on and from the third Monday in April to and including the third Monday in July; and

(iii) The third installment of one-half (1/2) shall be payable on and from the third Monday in July to and including October 10.

(B) A taxpayer who does not submit installment payments in compliance with this schedule shall be deemed to have waived the option to pay in installments.

(b) All ad valorem taxes levied on the real and personal property of utilities and carriers shall be due and payable as follows:

(1) One-fourth (1/4) shall be due and payable on and from the third Monday in February to and including the third Monday in April;

(2) One-fourth (1/4) shall be due and payable on and from the third Monday in April to and including the second Monday in June; and

(3) One-half (1/2) shall be due and payable on and from the third Monday in April to and including October 10 in the year succeeding the year in which the levy is made.

(c) (1) It shall be the duty of the county collectors of the respective counties to assess a penalty of ten percent (10%) against all unpaid tax balances remaining after October 10 for every taxpayer other than a utility or carrier or after the prescribed dates listed in subsection (b) of this section for utilities and carriers.

(2) (A) No taxpayer paying in installments under subdivision (a)(2) of this section shall be assessed a penalty until such taxes become due and remain unpaid after October 10.

(B) However, if the last day for the payment of taxes on any installment is a Saturday, Sunday, or postal holiday, the last day to pay taxes without a penalty is the following business day.

(3) (A) A property tax balance payment is timely received under this subsection if mailed through the United States Postal Service and postmarked by October 10.

(B) If October 10 is a Saturday, Sunday, or postal holiday, a property tax balance payment is timely received if mailed and postmarked through the United States Postal Service the following business day.