AZ SB1402

Amends Arizona Revised Statutes Section 42-12006 to add a new paragraph 9 establishing class six property classification for institutions of higher education offering baccalaureate or postbaccalaureate degree programs.

Requires institutions to be accredited by a regional or national accreditation agency approved by the United States Department of Education to qualify for the class six property tax classification.

Class six property is valued at full cash value for property tax purposes and includes various categories such as historic property, foreign trade zone property, military reuse zone property, and renewable energy manufacturing facilities.

The new higher education classification applies to real and personal property and improvements used by qualifying institutions.