Bill > SB1122

This bill updates property tax exemptions for specific groups in Arizona, including widows, widowers, people with total and permanent disabilities, and veterans with disabilities. The bill modifies how certain dollar amounts related to these exemptions will be adjusted for inflation. Specifically, the legislation changes how the exemption amount and total assessment limit will be increased each year, using different economic indicators: the GDP (Gross Domestic Product) price deflator for some amounts and the federal house price index for the total assessment limit starting in 2026. The bill maintains the existing structure where individuals can claim an exemption based on their total income and specific life circumstances, such as having children or a disability. It also adds a definition for "federal house price index" and clarifies that an individual can only claim an exemption under one category, even if they might qualify in multiple ways. The bill ensures that the property tax exemption amounts keep pace with economic changes, helping to provide continued financial relief for vulnerable populations while preventing exemption amounts from becoming outdated due to inflation.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/82019