This bill proposes several updates to the Arizona Revised Statutes regarding the classification and valuation of agricultural real property. Key changes include the replacement of the term "agricultural purposes" with "agricultural real property" throughout various sections, clarifying the classification criteria and application processes for property owners. The article heading for the relevant chapter will also be amended to reflect this terminology change. Additionally, the bill specifies that property classified as agricultural real property will be valued solely using the income approach, without consideration for urban or market influences, and outlines the methodology for determining the income of such properties.

Furthermore, the bill introduces new language that emphasizes the importance of objective evidence in classifying partially completed or vacant improvements on agricultural land. It also mandates that property owners notify the county assessor of any changes in use that may affect the agricultural real property classification. The bill aims to streamline the classification process and ensure that property assessments are based on consistent and clear criteria, ultimately enhancing the management of agricultural real property in Arizona.

Statutes affected:
Introduced Version: 42-12002, 42-12004, 42-12051, 42-12152, 42-12153, 42-12154, 42-12155, 42-12156, 42-12157, 42-12158, 42-12159, 42-13101, 42-13102, 42-15252, 32-2197, 41-867, 42-16001, 42-12151