AZ SB1320

Amends Arizona Revised Statutes sections 42-15003 and 42-15004 to modify the assessed valuation percentages for class three and class four residential property.

Changes class three property assessed valuation from a fixed 10% of full cash value to a tiered schedule: 10% through December 31, 2012; 9.5% from January 1, 2013 through December 31, 2013; and 9% from January 1, 2014 onward.

Changes class four property assessed valuation using the same tiered schedule: 10% through December 31, 2012; 9.5% from January 1, 2013 through December 31, 2013; and 9% from January 1, 2014 onward.

The reduction applies to assessed valuations based on either full cash value or limited valuation, as applicable under state law.