The proposed bill would amend current statutes regarding property valuation by adding new circumstances under which a county assessor must determine a property's limited property value (LPV). Specifically, it would include properties that previously qualified for property valuation protection but have since been conveyed to ineligible owners or where the current owner no longer qualifies or did not reapply for the protection. Additionally, it would encompass properties that previously qualified for a statutory valuation but no longer meet the criteria, unless otherwise specified by law.

Furthermore, the bill defines "statutory valuation" as a specific formula for calculating full cash value as prescribed in various chapters of the Arizona Revised Statutes. This update aims to ensure that properties that have lost their qualifying status are assessed in a manner consistent with similar properties, thereby maintaining fairness in property taxation. The bill does not anticipate any fiscal impact on the state General Fund.

Statutes affected:
Introduced Version: 42-13302
Senate Engrossed Version: 42-13302
House Engrossed Version: 42-13302
Chaptered Version: 42-13302