HB2021 proposes an amendment to the Arizona Revised Statutes by adding a new section related to conservation easements. The bill requires holders of conservation easements to make annual payments in lieu of taxes, based on the reduction in value of the original parcel due to the easement. These payments are to be made to the county treasurer of the county where the property is located and distributed to the county, school districts, and municipalities in the same manner as other property tax revenues. The bill includes a retroactivity clause, applying the act retroactively from December 31, 2023.

Statutes affected:
Introduced Version: 33-277
House Engrossed Version: 33-277