All property in this state shall be assessed by the authorized authorities according to its value on January 1. However, stocks of merchants and manufacturers shall be assessed at the value of the average stock in possession or under control during the year immediately preceding January 1 of the year in which assessment is required.
Ark. Code Ann. § 26-26-1201
Date of valuation
Applied in 2 court decisions — leading case Tuthill v. Arkansas County Equalization Board (1990)
Most recently applied in City of Fayetteville v. Phillips (June 1991)
Acts 1929, No. 172, § 1; Pope's Dig., § 13680; A.S.A. 1947, § 84-426.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.