AZ HB2714

Amends Arizona Revised Statutes sections 42-15001 and 42-15006 to modify assessment ratios for Class 1 and Class 6 property.

For Class 1 property, freezes the assessed valuation ratio at 21 percent of full cash value beginning January 1, 2010, instead of allowing it to continue declining to 20 percent as previously scheduled.

For Class 6 property (secondary property tax purposes), freezes the assessed valuation ratio at 21 percent of full cash value beginning January 1, 2010, instead of declining to 20 percent, with a fallback provision to 5 percent if this section is ruled invalid.

Maintains existing assessment ratios for other classes of Class 6 property at 5 percent of full cash value.