HB1400
To Amend The Law Concerning The Redemption Of A Tax-delinquent Parcel; And To Exempt Disabled Veterans From Certain Penalties When Redeeming A Tax-delinquent Parcel.
AI-Generated Summary
This bill proposes to amend existing Arkansas law concerning the redemption of tax-delinquent parcels. Specifically, it seeks to provide an exemption from certain penalties for disabled veterans when they redeem a tax-delinquent parcel they own. The bill defines a disabled veteran by referencing another section of Arkansas Code. Under the proposed changes, a disabled veteran would not be subject to the ten percent (10%) penalty for each year of delinquency when redeeming their property from the Commissioner of State Lands. To qualify for this exemption, the disabled veteran must provide a specific letter to the Commissioner of State Lands and fulfill all other redemption requirements. The overall aim is to reduce the financial burden associated with redeeming tax-delinquent properties for disabled veterans.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill, if enacted, would be disabled veterans in Arkansas who own tax-delinquent parcels. These individuals would directly benefit from the exemption of the ten percent (10%) penalty for each year of delinquency when redeeming their property from the Commissioner of State Lands. This could significantly reduce the overall cost of redemption, making it more feasible for them to reclaim their properties.
Who Might Suffer?
While the bill directly benefits disabled veterans, the potential negative impact is on the revenue collected by the state and potentially counties. The exemption of the ten percent (10%) penalty means that a portion of the funds that would otherwise be collected through penalties will not be realized. This could lead to a slight reduction in the revenue stream from tax-delinquent property redemptions, although the extent of this impact would depend on the number of disabled veterans who redeem tax-delinquent parcels.