Reassessing the assessment process

Today's Benton County Daily Record calls on the Legislature to revise the reappraisal process. Like Benton County, Miller County reappraised property this year (it's required on a three-year cycle). I've heard from many constituents who call about an unusually high increase in the appraised value of their residence or business, even though the value actually fell in a tough housing market. They don't mind an increase, they tell me, so long as the appraised value is accurate and not just some arbitrary number that does not take changing real estate market conditions into account.

Also today, Stephens Media resports on an AG's opinion published yesterday about the definition of "similarly situated" properties. McDaniel says the Legislature must determine the definition. The statute in question is Ark. Code Ann. §26-27-315, which states in part that the county board of equalization shall not raise or lower the value of any property without reviewing values of similarly situated properties.

It also states in part that the reasons for lowering or raising the valuation of property shall be limited to [situations where] the assessment is unfair compared with other properties of the same kind similarly situated, evidenced by the fact that the property is assessed higher than neighborhood properties of the same use, size, materials, and condition. Looks like a sufficient definition to me, but recisions do need to be made so that property owners can be assured that all economic factors are taken into account when an appraised value is made to their home or business.