The proposed bill, if enacted, would amend current statutes regarding property valuation by adding new criteria for determining a property's limited property value (LPV). Specifically, it would include properties that previously qualified for a property valuation protection option but have since been conveyed to a non-qualifying person or where the current owner no longer qualifies or did not reapply. Additionally, it would encompass properties that previously qualified for a statutory valuation but no longer meet the criteria, thereby requiring county assessors to adjust the LPV accordingly.

Furthermore, the bill defines "statutory valuation" as a specific formula for calculating full cash value (FCV) and LPV as prescribed in various chapters of the Arizona Revised Statutes. This update aims to ensure that properties are assessed at a value comparable to similar properties, thereby promoting fairness in property taxation. The changes would take effect on the general effective date of the legislation.

Statutes affected:
Introduced Version: 42-13302