(a) The purpose of this section is to:
(1) Set out the procedure for a county equalization board to follow when changing real property values in a year when a county is not completing reappraisal; and
(2) Require the county equalization board to consult with the Assessment Coordination Department to utilize data compiled under the department's sales ratio study.
(b) If in the judgment of the county equalization board or the county judge based upon current economic conditions a number of real estate parcels in a county may have decreased in market value since the last countywide reappraisal, then the county equalization board may by its motion or the county judge may petition for the county equalization board to enter into a special session to determine what action is needed under this section to address the decrease in market value.
(c) The county equalization board shall not take action as proposed in the special session under subsection (b) of this section until the county equalization board has:
(1) Consulted the county assessor on the proposed action in the special session;
(2) Consulted the department on the proposed action in the special session; and
(3) Analyzed the current real estate market in the county.
(d) The county equalization board may employ a professional appraisal manager to analyze the current real estate market in the county to fulfill its obligation under subdivision (c)(3) of this section.
(e) If the county equalization board determines in the special session that action is needed under this section, the county equalization board shall adjust market values of real estate in the county under the methodology established by the rules of the department.
(f) The department shall promulgate rules to:
(1) Set out the procedure for a county equalization board to make a determination whether action is needed under this section; and
(2) Establish the methodology to be used when adjusting the market values of real property.
(g) If the county equalization board fails to follow the methodology to adjust real estate values as set out in the department's rules, the county equalization board shall be subject to withholding of funds from the Arkansas Real Property Reappraisal Fund under § 26-26-1907.
(h) A special session convened under this section is subject to the procedures for a special session of the county equalization board under § 26-27-312.
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