AZ HB2592

Creates a property tax exemption for real property subject to a federal government action in rem (legal claim) that prevents the owner from transferring title, using property as collateral, or exercising ownership rights during the tax year.

Requires property owners to file with the assessor a certified copy of the action in rem, an affidavit describing the impact on property rights, and other evidence requested by the assessor to claim the exemption.

Allows property owners who paid taxes on property that would have qualified for exemption to claim a credit under section 42-1118, subsection A, but prohibits refunds for taxes paid.

Applies retroactively to tax years beginning after December 31, 1993, with all claims for eligibility required to be filed on or before December 31, 2014 or the claim is waived.