Bill > SB1121

This bill modifies Arizona's property tax law by clarifying how limited property value is determined in specific circumstances such as property omissions, changes in use, construction modifications, and property splits or consolidations. The bill adds a new subsection (E) to the existing law that provides guidance for county assessors on how to calculate the "limited property value" - which is a level or percentage of a property's full cash value. Specifically, county assessors can now determine this value by comparing either all parcels in the county with the same or similar use/classification, or by comparing parcels within specific market segments they have established. The bill maintains existing provisions about what constitutes a change in property use, such as clarifying that changes in occupancy of a single-family residence or the classification of a guest ranch do not automatically trigger a reassessment. The changes aim to provide more structured and consistent methods for property tax valuation, ensuring that properties are assessed comparably based on their use and characteristics.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/82018