SB 1166 Summary

• Creates a new "noncommercial historic property" classification for real property listed in the National Register of Historic Places that meets state maintenance standards and is not operated for business profit, valued at full cash value as class six property.

• Establishes a 15-year consecutive tax year classification period for noncommercial historic property, with option for owners to reapply during the final year for continuation of classification for an additional 15-year period.

• Revises property tax penalty provisions for disqualified historic property to apply only to the current assessment period (15 years for noncommercial, 10 years for commercial historic property).

• Amends multiple sections of Arizona Revised Statutes to renumber property classifications in section 42-12006, shifting paragraph numbers for foreign trade zones, military reuse zones, enterprise zones, environmental remediation, forest products, biodiesel, and renewable energy properties.

• Requires two-thirds affirmative vote of both legislative houses for enactment and takes effect immediately upon gubernatorial signature or upon three-fourths legislative override of gubernatorial veto.