Bill > SB1764

This bill amends Arizona's property tax laws by updating definitions and adding a new section on full cash value. It clarifies that "current use" refers to the primary use of a property based on objective and substantive conditions, excluding temporary or related-party activities. The bill also refines the definition of "full cash value," stating it is the basis for property taxes and cannot exceed "market value," which is defined as an estimate derived from standard appraisal methods. A new section establishes that full cash value is generally determined by the fee simple interest in the property, assuming unencumbered ownership, and directs county assessors to determine a property's current use based on objective circumstances, categorizing it into agricultural, residential, or vacant land. For properties not subject to specific valuation methods or used for residential purposes, current use will be determined without considering zoning or future potential, while for other properties, market influences consistent with their current use may be considered.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/85433