The proposed bill seeks to update current statutes related to the establishment and modification of special taxing districts in Arizona. It would clarify that the term "property" encompasses both real and personal property, and that "valuation" specifically refers to the total limited assessed valuation as determined by the county assessor. Additionally, the bill would define "assessed value" for district-related purposes 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 otherwise specified by law. These changes aim to ensure that both types of property are considered in the district creation process, which is currently not explicitly stated in the law. Furthermore, the bill introduces a new section, 48-261.01, detailing how assessed values are determined, and modifies existing language for clarity, such as replacing "permit" with "allow." It also specifies that the assessed valuation required for compliance will remain fixed despite changes in property ownership and mandates that petitions for boundary changes clearly identify the proposed action type. Overall, these updates are designed to streamline the process of establishing and modifying special taxing districts while enhancing transparency and accuracy in property assessments.

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