AZ HB2470

Amends Arizona Revised Statutes Title 42, Chapter 13 by adding Article 12 to establish tax valuation procedures for affordable housing projects.

Defines "affordable housing" as owner-occupied residential property classified as class three that is subject to a recorded deed restriction limiting resale price and use.

Requires property owners to file an affidavit with the county assessor demonstrating eligibility and providing qualifying evidence as prescribed by the department.

Establishes that affordable housing property shall be valued based on legal restrictions affecting use, transferability, and below-market sales price rather than full market value.

Directs the department to prescribe uniform rules, procedures, and formulas for determining affordable housing valuations and requires property owners to notify the assessor of any disqualifying events.