1. (a) There is hereby established a Homestead Credit Application/Sales Verification form.

2. (b) The form is to be used by property owners to:

   1. (1) Apply for benefits under the provisions of Arkansas Constitution, Amendment 79; and
   2. (2) Verify whether a property’s purchase price reflects its market value at the time of sale.
3. (c) County assessors shall provide the purchaser of property with the form when a copy of a deed is transferred from the county recorder’s office to the county assessor’s office.

4. (d) As an alternative, the county assessor may provide the form to closing agents who may:

   1. (1) Assist purchasers in completion of the form; and
   2. (2) Return the form to the county recorder or assessor on behalf of the purchaser.

5. (e) With prior approval by the Assessment Coordination Division, the county may:

   1. (1) Divide the form into separate parts without changing the content; and
   2. (2) Distribute each part separately to property owners.
6. (f) Additional questions may be added to the form with prior approval by the division.

Codification Notes: This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "Adopted 3/03/02"