Bill > HB2357

This bill amends Arizona law regarding the assessment ratio for class one property, which refers to certain types of property as defined in section 42-12001. Specifically, it changes the percentage of the property's full cash value or limited valuation that is used for tax assessment purposes. The bill removes the existing provision that set the assessment ratio at fifteen percent beginning after December 31, 2026, and instead inserts a new provision stating that the assessment ratio will be twenty percent from December 31, 2026, through December 31, 2027. Furthermore, it adds a new provision establishing that beginning after December 31, 2027, the assessment ratio for class one property will be twenty-eight percent. This change represents a significant increase in the assessed valuation for this property class in the years following 2027.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/84111