AZ HB2424

Creates a new article in Arizona property tax 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 tax valuation status.

Mandates property owners notify the assessor of any disqualifying events, such as conveyance of title to a non-qualified owner, with property reverting to standard valuation from the disqualification date.

Directs the Department of Revenue to establish uniform procedures, affidavits, forms, and valuation formulas that value affordable housing based on legal restrictions rather than market value.