The proposed bill would amend section 42-13101 of the Arizona Revised Statutes to update the terminology and definitions related to agricultural property valuation. Specifically, it would replace the term "property" with "land" throughout the relevant sections, clarifying that the income assessment pertains specifically to agricultural land. This change aims to enhance the precision of the language used in determining the income of agricultural land based on capitalized average annual net cash rental.

Additionally, the bill introduces a new provision stating that agricultural land does not include permanent crops or any improvements on the land that are subject to depreciation. This insertion aims to further delineate what constitutes agricultural land for valuation purposes, ensuring that only the land itself is considered in the income assessment, while excluding certain types of crops and depreciable improvements.

Statutes affected:
Introduced Version: 42-13101