AZ SB1127

Increases the homestead exemption amount from $150,000 to $500,000 in equity value for persons residing in Arizona.

Applies the increased exemption to real property with a dwelling house, condominiums, cooperatives, mobile homes, and mobile homes with land.

Limits each married couple or single person to only one homestead exemption, with the exemption value referring to the combined equity of married couples.

For divorced couples who previously shared a residence, the total exemption allowed to either or both persons cannot exceed $500,000 in value.

The increased exemption amount applies retroactively to any recorded homestead claims and homesteads claimed by operation of law when creditors attempt to enforce judgments or liens on or after the effective date.