§ 26-60-108 - Real Property Transfer Tax Affidavit of Compliance and Receipt -- Completion, storage, audit, etc. - Arkansas Statutes

26-60-108. Real Property Transfer Tax Affidavit of Compliance and Receipt -- Completion, storage, audit, etc.

(a) The Director of the Department of Finance and Administration or his or her agent before accepting payment of the real property transfer tax shall require that the affidavit portion of the Real Property Transfer Tax Affidavit of Compliance form and receipt be completed, including the statement of the full amount of the consideration for the transaction and the amount of tax to be reflected on the receipt portion thereof in evidence that such information was furnished by the person signing the affidavit before the director shall receive payment of the tax, and sign the receipt. The director shall attach the stamps to the face of the instrument.

(b) (1) The original copy of the affidavit and receipt shall be retained by the director or his or her agent and shall be treated as a confidential tax record in the same manner as required by law for confidentiality of state income tax returns.

(2) The information shall be released to duly elected county assessors and become a public document.

(c) (1) The clerk's copy of the affidavit and receipt shall be delivered to the person paying the tax and the receipt portion may be detached and retained by the taxpayer.

(2) The clerk's copy of the affidavit shall be presented to the county recorder of deeds, who shall review and determine that the same is in compliance with this chapter before the instrument of real property transfer may be accepted for recordation and record the receipt number evidencing payment of the tax on the real property transfer instrument.

(3) In the case of instruments exempt from the tax, the county recorder shall record a notation to this effect on the transfer instruments.

(4) The county recorder shall place on the face of the affidavit a file stamp and the book and page numbers or instrument number.

(d) (1) The copies of the affidavit stamped as required above and as required in 26-60-107(b)(3)(A) shall be placed by the county recorder in a box or file kept for such purpose.

(2) At least weekly, the Revenue Division of the Department of Finance and Administration shall pick up the affidavits and shall attach those upon which tax is paid to the original copy thereof retained in the Revenue Division of the Department of Finance and Administration's files.

(e) Copies of the affidavits shall be kept for audit for compliance with this chapter and for audit by the Division of Legislative Audit.

(f) The triplicate copy shall be made available to the county assessor.