This bill proposes to amend current statutes regarding the valuation of conservation easements in Arizona. Specifically, it introduces a new requirement that the Arizona Department of Revenue (ADOR) or a county assessor must utilize standard appraisal practices and techniques when determining the full cash value (FCV) of a conservation easement, unless a statutory formula takes precedence. This insertion aims to ensure a consistent and standardized approach to the appraisal of conservation easements. The bill does not alter any existing provisions of the law, as indicated by the ... tags, which remain unchanged. The new language, marked by ..., will be added to section 33-272 of the Arizona Revised Statutes, thereby enhancing the framework for assessing conservation easements while maintaining the integrity of current legal standards.

Statutes affected:
Introduced Version: 33-272