AZ HB2028

Amends Arizona Revised Statutes section 42-12006 to add a new class six property classification for real and personal property used as an owner's primary residence.

Allows individuals who qualify for property valuation protection under Arizona Constitution Article IX, Section 18, subsection (7) to classify their primary residence as class six property valued at full cash value.

Restricts qualification to individuals who do not own or have any legal, equitable, beneficial or security interest in any other real property, with exception for indirect ownership through investment securities like mutual funds.

Permits the homesite to include up to 10 acres on a single parcel where the residential improvement is located, or up to 40 acres if the property is zoned exclusively for residential purposes or has legal restrictions or physical conditions preventing parcel division.