Bill > SB1402

This bill amends Arizona Revised Statutes Section 42-12006 to add a new category, class six property, for real and personal property and improvements used as an institution of higher education that offers baccalaureate or postbaccalaureate degree programs and is accredited by an agency approved by the United States Department of Education. This new classification is being added to the existing list of properties that qualify for class six property tax treatment, which currently includes noncommercial historic property, property within a foreign trade zone, property in a military reuse zone for aviation or aerospace services, environmental technology manufacturing facilities, property used for environmental remediation, property used for harvesting or processing qualifying forest products, property used for manufacturing biodiesel or motor vehicle biofuel, and property used for renewable energy manufacturing or headquarters operations.