Amendment to ‘protect people’
Amendment to protect people.
‘Amendment 79 is not to protect real estate; it is to protect people,’ Bisbee said.
The amendment ‘does not apply to new construction, newly found land or substantial improvements to the property, improvements that increase the value of the property by 25 percent,’ Bisbee said.
Amendment 79 also helps safeguard the county”s senior citizens by freezing their property”s assessed value at the previous year”s value when they turn 65.
‘We messed up because it assumes that people 65 and over own their property already,’ said Bisbee, who acknowledged that the amendment would freeze the previous year”s property value, even when an individual over 65 purchases a new home.
State Sen. Kim Hendren, R-Gravette, suggested to Bisbee that they work to change the amendment”s problems in January,’ if that serves the people.’
Another problem with the assessments is the Notice of Real Estate Value Change itself.
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