Ark. Code Ann. § 14-284-225: Assessment - When annexed into a municipality

No property located within the bounds of a municipality shall be assessed, taxed, or required to pay fees to any fire protection district after March 29, 1995, unless:

(1) There is a mutual, formal agreement between the municipality and the fire protection district to provide fire protection services to the property; or

(2) Bonded indebtedness for fire protection equipment or facilities was incurred by the fire protection district prior to the date of annexation of such property and the indebtedness incurred before annexation has not been retired.