This bill proposes updates to section 42-13101 of the Arizona Revised Statutes regarding the assessment of agricultural land. The current law defines the income of agricultural property based on the capitalized average annual net cash rental of the property. The bill modifies this language by replacing "property" with "land," clarifying that the assessment pertains specifically to agricultural land. Additionally, it maintains the existing methodology for determining average annual net cash rental while ensuring that the focus remains on agricultural land.

Furthermore, the bill introduces a new provision that explicitly states that agricultural land does not include permanent crops or any improvements subject to depreciation. This addition aims to provide clearer guidelines for the assessment process, ensuring that only the land itself is considered in the valuation, thereby excluding certain types of crops and improvements that may affect the overall assessment.

Statutes affected:
Introduced Version: 42-13101