The proposed bill seeks to modernize current statutes related to the establishment and modification of special taxing districts in Arizona. It introduces new definitions, including real and personal property as part of the term "property," and clarifies that "valuation" pertains to the total limited assessed valuation as determined by the county assessor. The bill further specifies that the assessed value is defined as the full cash value for properties assessed by the Arizona Department of Revenue and as the limited property value for those assessed by the county assessor, unless stated otherwise by law. Additionally, the bill removes technical and conforming changes from the current statutes to ensure consistency with the new definitions. It also streamlines the petition process by treating property held in multiple ownership as if it has a single owner and requires petitions to clearly state the proposed action with specific formatting. These updates aim to enhance clarity, efficiency, and transparency in the assessment and valuation processes for special taxing districts, ultimately improving the involvement of property owners in decision-making.

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