AZ HB2254

Amends Arizona Revised Statutes Title 42, Chapter 13 by adding Article 11 to establish tax valuation procedures for affordable housing projects.

Defines "affordable housing" as owner-occupied residential property (Class 3) that is subject to a recorded deed restriction limiting resale price and use.

Requires property owners to file an initial affidavit with the county assessor demonstrating eligibility, with no requirement for refiling unless a disqualifying event occurs (income exceeding limits or transfer to unqualified owner).

Mandates that affordable housing properties be valued below market value based on legal restrictions affecting use, transferability, and below-market sales prices rather than at full market value.

Directs the Department of Revenue to prescribe uniform procedures, forms, rules, and valuation formulas for determining affordable housing property valuations.