AZ HB2215

Establishes exclusive method for identifying and valuing commercial and industrial retention basins under Arizona tax law.

Requires retention basins to be owned by nonprofit associations serving commercial or industrial property complexes, with mandatory member participation or assessments.

Mandates use of the property as a retention basin be documented through recorded easements, plats, covenants, or agreements with municipalities or counties.

Sets fixed valuation of retention basins at $500 per parcel, assuming no other property use is possible and prohibiting commercial ancillary uses like parking or storage.

Does not affect outstanding tax liabilities or property valuations from prior law assessed before the 2011 tax year.