Bill > SB1724

This bill amends Arizona law regarding how property values are determined, particularly when properties are split, subdivided, or consolidated. It clarifies that for owner-initiated splits, subdivisions, or consolidations occurring between January 1 and September 30, the limited property value will be set to be comparable to similar properties, while those occurring between October 1 and December 31 will retain the original property's limited value, with future valuations becoming comparable. For splits, subdivisions, or consolidations initiated by a governmental entity, the bill establishes a process where the limited value is the lower of either a comparable market value or the original parcel's value, with specific rules for the following year. Importantly, the bill defines "economic unit," "functional unit," "independently marketable," and "independently usable" to specify when a split, subdivision, or consolidation actually requires a re-evaluation of the limited property value, meaning it only applies if a new, separate, and functional property is created.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/85399