property tax assessment; destroyed property
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies Arizona law regarding property tax assessments when a property is destroyed. It establishes a process for property owners to notify the county assessor and receive a corrected valuation after a verifiable accident, such as a fire or flood, occurs. The assessor can maintain the property’s existing classification for up to five years or until a change in use is documented, and the county treasurer will calculate taxes based on the prorated valuation.
Key provisions
- Property owners can file a notice of claim or the assessor can issue a notice of proposed correction after property destruction.
- The county assessor will prorate the property’s value from the lien date to the date of destruction.
- The assessor can maintain the property’s classification for up to five years following destruction.
- Taxes will be calculated based on the prorated valuation of the property.
- ‘Destroyed’ is defined as physical destruction caused by verifiable accidents like fire, flood, or natural disasters.
- The law applies retroactively from September 13, 2024.
Who is affected
- Property owners
- County assessors
- County treasurers
- Taxpayers
Notable changes
- Establishes a specific process for adjusting property tax assessments after property destruction.
Bill text
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Sponsors
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1 on record
Primary sponsor
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