The bill HB2408 amends section 42-15157 of the Arizona Revised Statutes concerning property tax assessment for destroyed properties. The new legislation allows a county assessor to maintain the property classification that was in place on the date the property was destroyed for a period of five years or until there is an objectively verifiable change in the property's use, whichever comes first. Additionally, the bill defines "destroyed" as physical destruction caused by a verifiable accident, including fire, flood, or any other act of God.

The bill also stipulates that the county assessor may issue a notice of proposed correction to prorate the valuation of the property from the date of destruction, and the property owner must be notified of the property assessment in compliance with applicable statutory notice requirements. These changes provide a mechanism for property owners to maintain their property's tax classification post-destruction and ensure they are informed about their property assessments.

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