The proposed bill would update current statutes related to the establishment of special taxing districts by clarifying definitions and procedures. It would insert language to explicitly include both "real" and "personal" property in the context of district formation and modifications, ensuring comprehensive coverage of property types. Additionally, a new section, 48-261.01, would be added to define "assessed value" based on whether properties are assessed by the Arizona Department of Revenue or the county assessor, thereby providing clearer guidelines for valuation.

Furthermore, the bill would make technical adjustments to enhance clarity, such as replacing "permit" with "allow" regarding property owner participation in district inclusion. It would also specify that the assessed valuation remains fixed for compliance purposes, irrespective of ownership changes. Overall, these updates aim to streamline the processes for creating and modifying special taxing districts while ensuring that all relevant property types are adequately addressed.

Statutes affected:
Introduced Version: 48-261, 48-262, 48-266, 42-17052, 48-851, 48-2001, 48-2002, 9-471
Senate Engrossed Version: 48-261, 48-261.01, 48-262, 48-266, 42-17052, 48-851, 48-2001, 48-2002, 9-471
Chaptered Version: 48-261, 48-261.01, 48-262, 48-266, 42-17052, 48-851, 48-2001, 48-2002, 9-471