AZ HB2519

Creates a new tax assessment classification for affordable housing projects under Arizona law, defining "affordable housing" as owner-occupied residential property subject to recorded deed restrictions limiting resale price and use.

Requires property owners to file an initial affidavit with the county assessor demonstrating eligibility for affordable housing valuation status, with the Department of Revenue prescribing uniform procedures and required documentation.

Mandates that affordable housing properties be valued based on legal restrictions affecting use, transferability, and below-market sales prices rather than market value, with the Department of Revenue establishing uniform valuation formulas.

Eliminates ongoing filing requirements after initial qualification, but requires property owners to notify the assessor of any disqualifying events, such as transfer of title to an ineligible owner.