This bill proposes updates to section 33-1101 of the Arizona Revised Statutes regarding homestead and personal property exemptions. It introduces new language that clarifies eligibility for the homestead exemption, specifying that any person who is at least eighteen years old, married or single, and residing in the state may hold a homestead exempt from attachment, execution, and forced sale, with a value not exceeding $400,000. The bill expands the definition of qualifying shelters to include various types of mobile homes and trailers, while removing the previous specific mention of mobile homes alone. Additionally, it establishes that the homestead exemption does not apply to identifiable cash proceeds from refinancing the homestead property.

The bill also repeals the previous amendment made by Laws 2021, chapter 368, section 3, and introduces a new provision allowing parties to rely on the property valuation in the final closing document for determining equity in a sold homestead or cash back from refinancing. Overall, the updates aim to modernize the language and scope of the homestead exemption while ensuring clarity in its application.