Bill > SB1294

This bill amends Arizona law regarding property tax assessments for destroyed properties, specifically addressing how valuations and taxes are prorated when a property is damaged or lost after tax rolls are finalized. It clarifies that if a property is destroyed by a verifiable accident, such as fire, flood, or an act of God, the county assessor has the option to maintain the property's existing classification for up to five years or until a clear change in its use occurs, whichever comes first. This provision aims to provide some stability for property owners in the aftermath of destruction. The bill also makes these changes retroactive to September 13, 2024.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/84825