SB 1496
Initials VP/MG Page 1 Caucus & COW
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-sixth Legislature
Second Regular Session
Senate: FICO DP 7-0-0 | 3
rd
Read 25-0-5-0-0
House: WM DP 8-1-0-1
SB 1496: property tax exemptions; inflation adjustment
Sponsor: Senator Mesnard, LD 13
Caucus & COW
Overview
Modifies the method to annually increase the property assessment limit for widows and
widowers, persons with total and permanent disabilities and veterans with service or
nonservice connected disabilities who are residents of Arizona (qualified person) to qualify
for a property tax exemption.
History
The property of a qualified person is exempt from taxation under conditions and limitations.
The exception amount is limited to $4,188 is the person's total assessment does not exceed
$28,459. For a veteran, this is further limited by multiplying the total exemption amount by
the percentage of the veteran's disability, as rated by the United States Department of
Veterans Affairs (A.R.S. § 42-11111).
The Federal Housing Finance Agency House Price Index (FHFA HPI) is a comprehensive
collection of publicly available house price indexes that measure changes in the single-family
home values based on data that extend back to the mid-1970s from all 50 states and over 400
American cities. The FHFA HPI incorporates tens of millions of home sales and offers
insights about house price fluctuations at the national, census division, state, metro area,
county, ZIP code and census tract levels (FHFA).
Provisions
1. Requires DOR, beginning in TY 2025, to increase the total assessment limit amount for
a property tax exemption based on the average annual percentage increase, if any, in the
FHFA HPI for the two most recent complete state fiscal years. (Sec. 1)
2. Defines federal house price index as the average measure of movement of single-family
house prices in the United States published by the FHFA, or its successor, for Arizona.
(Sec. 1)
3. Makes conforming changes. (Sec. 1)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☒ Fiscal Note