AZ HB2517

Adds Article 12 to Arizona Revised Statutes Title 42, Chapter 13 to establish valuation procedures for affordable housing properties.

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

Requires property owners to file an initial affidavit with the county assessor demonstrating eligibility and providing required qualifying evidence, with no additional filings needed unless a disqualifying event occurs.

Prohibits valuation of affordable housing at market value; instead requires valuation reflecting legal restrictions on use, transferability, below-market sales prices, and limited profit margins under municipal affordable housing programs.

Directs the Department of Revenue to prescribe uniform procedures, affidavits, forms, rules, and valuation formulas for determining affordable housing property values.