This bill proposes several updates to the current statutes regarding property tax assessments in Arizona. It introduces new definitions and requirements for determining the full cash value (FCV) of properties, mandating that FCV be based on the fee simple interest unless otherwise specified by law. The county assessor is required to assess a property's current use by considering its objectively verifiable characteristics and to classify properties into general categories such as agricultural, residential, or vacant land. Additionally, the bill stipulates that for properties subject to statutory valuation methods or used for residential purposes, the current use must be determined without considering zoning or speculative market influences.

The bill also removes the existing definition of "current usage" and replaces it with a more precise definition of "current use," which excludes temporary or incidental activities. It clarifies the definition of "market value" and includes provisions for determining valuation dates relevant to property tax assessments. Overall, the bill aims to enhance the clarity and consistency of property tax assessments while ensuring that the valuation process reflects the actual use and characteristics of the property.

Statutes affected:
Introduced Version: 42-11001, 42-11010, 42-13304, 42-13301, 42-15105, 42-16253