AZ SB1163

Reduces the assessed valuation percentage for class one property from 20 percent (through December 31, 2011) to 19 percent (2012) and 18 percent (beginning January 1, 2013).

Reduces the assessed valuation percentage for class two (R) property from 16 percent to 15 percent beginning January 1, 2013.

Reduces the assessed valuation percentage for class two (P) property from 16 percent to 15 percent beginning January 1, 2013 for value exceeding the maximum exempt amount.

Amends Arizona Revised Statutes sections 42-15001 and 42-15002 regarding property tax assessment percentages for business and commercial property classifications.