AZ HB2708

Redefines class three property (eligible for homeowner's rebate) to require that residential property be the owner's primary residence, rather than just used for residential purposes.

Requires county assessors to send annual affidavits with property tax notices to class three property owners, asking them to declare under penalty of perjury whether the property is their primary residence; owners must return affidavits by April 15 or face reclassification to class four.

Establishes that owners may only classify one parcel as their primary residence; properties indicated as non-primary residences or where owners fail to return affidavits are reclassified as class four and subject to civil penalties.

Creates class four category for owner-occupied residential property that does not qualify as class three, along with rental properties, child care facilities, and certain other residential uses.

Authorizes the legislature to appropriate funds to reimburse county assessors for costs of administering the affidavit and verification process, up to ten percent of revenue saved from reduced state aid to schools due to property reclassifications.