AZ HB2362

Creates Article 11 in Title 42, Chapter 13 of the Arizona Revised Statutes to establish a property tax valuation system for affordable housing projects.

Defines "affordable housing" as owner-occupied residential property with recorded deed restrictions that limit resale price and restrict property use.

Requires property owners to file an initial affidavit with the county assessor to qualify for affordable housing valuation, with no requirement for subsequent filings unless a disqualifying event occurs.

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

Directs the Department of Revenue to establish uniform procedures, forms, rules, and valuation formulas for determining the reduced tax assessments for qualifying affordable housing projects.