AZ SB1458

Creates a new "temporary open space easement" under Arizona law that must have a minimum 10-year term, include renewal conditions, and explicitly state it is temporary (effective after December 31, 2016).

Property burdened by a temporary open space easement is classified and taxed as class four property based on current full cash value, rather than receiving preferential tax treatment.

Requires the creator or seller/assignor of property with a temporary open space easement to file a notice with the county assessor in each affected county from December 31, 2016 forward.

Imposes a recapture penalty if a temporary open space easement expires without renewal: the assessor can reclassify the property as class two and assess a civil penalty equal to one-half of the back property taxes owed for up to the final 10 tax years since creation or last renewal.

Property owners can appeal reclassification and penalties to the county board of supervisors within specified timeframes by proving the property remains burdened by the easement or its renewal.