SB 1224
Initials VP Page 1 Ways & Means
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-seventh Legislature
First Regular Session
Senate: FIN DP 5-0-2-0 | 3rd Read 29-0-1-0
SB 1224: property tax; limited property value
Sponsor: Senator Mesnard, LD 13
Committee on Ways & Means
Overview
Includes, for purposes of determining a property's limited cash value, property that
previously qualified for the property valuation protection option and that no longer qualifies.
History
Current law requires the limited property value to be established at a level or percentage of
full cash value that is comparable to other properties of the same or similar use or
classification for property that has been modified by construction, demolition or destruction
since the preceding valuation year such that the total value of the modification is 15% or
more of the full cash value (A.R.S § 42-13302).
The Arizona Constitution allows for a property valuation protection option (Option) on a on
a person's primary residence for a resident of this this state who is 65 years or older and
meets required income limits. If the county assessor approves the Option, the value of the
primary residence shall remain fixed as long as the owner remains eligible. To remain
eligible, the county assessor shall require a qualifying resident to reapply for the Option every
three years. If title to the property is conveyed to any person who does not qualify for the
Option, the Option terminates and the property reverts to its current full cash value. (Ariz.
Const. art. 9. § 18)
Provisions
1. Expands when a Rule B valuation is applied to include the following circumstances:
a) a property that previously qualified for the Option and the title was conveyed to a
person that does not qualify or the current owner no longer qualifies or did not reapply
for the Option; and
b) a property that previously qualified for a statutory valuation and no longer qualifies.
(Sec. 1)
2. Defines statutory valuation. (Sec. 1)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note