The proposed bill, HB2408, amends the property tax assessment laws in Arizona to allow county assessors to maintain a property's classification for up to five years following its destruction, or until a verifiable change in use occurs, whichever comes first. This change aims to provide stability in property classification for owners of destroyed properties, ensuring that their tax assessments reflect the property's status at the time of destruction.

Additionally, the bill requires county assessors to notify property owners of their assessments in accordance with existing statutory notice requirements. It also allows assessors to issue a notice of proposed correction to prorate the valuation of properties destroyed after the assessment rolls are closed. The definition of "destroyed" is clarified to include physical destruction due to verifiable accidents such as fire or flood. Overall, these amendments seek to streamline the assessment process and provide clearer guidelines for property owners.

Statutes affected:
Introduced Version: 42-15157
House Engrossed Version: 42-15157
Chaptered Version: 42-15157