Homestead Credit Application/Sales Verification

(a) There is hereby established a Homestead Credit Application/Sales Verification form.

(b) The form is to be used by property owners to:

(1) Apply for benefits under the provisions of Arkansas Constitution, Amendment 79; and

(2) Verify whether a property’s purchase price reflects its market value at the time of sale.

(c) County assessors shall provide the purchaser of property with the form when a copy of a deed is transferred from the county recorder’s office to the county assessor’s office.

(d) As an alternative, the county assessor may provide the form to closing agents who may:

(1) Assist purchasers in completion of the form; and

(2) Return the form to the county recorder or assessor on behalf of the purchaser.

(e) With prior approval by the Assessment Coordination Division, the county may:

(1) Divide the form into separate parts without changing the content; and

(2) Distribute each part separately to property owners.

(f) Additional questions may be added to the form with prior approval by the division.