Opinion No.

The Honorable Mike Beebe State Senator 211 Arch Searcy, AR 72143

Dear Senator Beebe:

This is in response to your request for an opinion on the following question: When a bona fide purchaser pays a fair market value in an arms length transaction and the sales price is significantly less than the price assessed and determined by the tax assessor and the Board of Equalization, which takes precedent? In other words, can the Board of Equalization and/or a tax assessor utilize much higher values than are represented by an actual recent sales price if that sales price is an actual bona fide sale?

It…