This bill proposes several updates to current statutes regarding the classification and valuation of agricultural real property in Arizona. It replaces the terminology of "property used for agricultural purposes" and "land used for agricultural purposes" with "agricultural real property" throughout the relevant statutes. Additionally, it mandates that agricultural real property be valued solely using the income approach, without considering urban or market influences, which is a shift from the previous valuation methods that allowed for full cash value assessments. The bill also specifies that the county assessor must make application forms for agricultural real property available, and it requires that all agricultural real property leases or rental agreements for periods exceeding 90 days be reported to the county assessor.

Furthermore, the bill makes technical and conforming changes to various sections of the Arizona Revised Statutes, including the criteria for property eligibility for agricultural classification, ensuring that these criteria apply specifically to agricultural real property. It also updates the article heading from "AGRICULTURAL PROPERTY CLASSIFICATION" to "AGRICULTURAL REAL PROPERTY CLASSIFICATION." Overall, these changes aim to clarify the classification and valuation processes for agricultural real property, aligning them with the new definitions and requirements established by the bill.

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
House Engrossed 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