AZ SB1329

Amends Arizona Revised Statutes section 42-12003 to expand the definition of Class Three property for property tax assessment purposes.

Adds vacant real property consisting of not more than one acre that is zoned exclusively for residential purposes to Class Three classification.

Class Three property is assessed at full cash value and includes residential improvements and homesites that are not classified in other property classes.

Maintains existing provisions allowing Class Three homesites to include up to ten acres on a single parcel, or more than ten but not more than forty acres if zoned exclusively for residential purposes or subject to legal restrictions preventing division.