This bill proposes updates to current statutes regarding property valuation by adding new criteria for determining a property's limited property value (LPV). Specifically, it introduces two new circumstances under which the county assessor must evaluate a property's LPV: first, when a property that previously qualified for property valuation protection is conveyed to someone who does not qualify, or when the current owner no longer qualifies or has not reapplied for the protection; and second, when a property that previously qualified for a statutory valuation no longer qualifies, unless otherwise specified by law.

Additionally, the bill defines "statutory valuation" as a specific formula for calculating full cash value as prescribed in various chapters of the Arizona Revised Statutes. These changes aim to ensure that properties that have lost their qualifying status are assessed fairly in comparison to similar properties, thereby updating the existing framework for property valuation in Arizona.

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