Bill > SB1224

This bill amends Arizona's property tax law to add two new scenarios where a property's limited value (a taxable value calculated at a percentage of its full cash value) can be reassessed. First, if a property that previously qualified for property valuation protection under the Arizona Constitution loses that protection—such as when the property is sold to a new owner who doesn't qualify or the current owner no longer meets the qualification requirements—the property's limited value can be reset. Second, if a property that previously benefited from a specific statutory valuation formula (as defined in certain chapters of Arizona tax law) no longer qualifies for that valuation method, its limited value can also be adjusted. These changes provide additional circumstances under which county assessors can recalculate a property's taxable value to ensure it is comparable to similar properties in the same use or classification category, potentially resulting in a higher assessed value for tax purposes. The modifications aim to create more consistency and fairness in property tax assessments by eliminating certain valuation protections when specific conditions change.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/82573