1. (a) If the assessor becomes aware of newly discovered or newly constructed property in a nonreappraisal year and the resulting increase in market value of the parcel caused by the newly discovered or newly constructed property is five thousand dollars ($5,000) or more:

   1. (1) The parcel will be updated; and
   2. (2) A notice will be sent to the taxpayer.

2. (b) Any newly discovered or newly constructed property having a market value of less than five thousand dollars ($5,000) when discovered:

   1. (1) May be listed and updated during the year of discovery; and
   2. (2) Will be listed and updated during the appraisal year.

Codification Notes: This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "Adopted 07/05/04"