AZ SB1501

Establishes a new property tax valuation system for owner-occupied residential property classified as class three that is subject to recorded deed restrictions limiting resale price and use.

Requires property owners to file an initial affidavit with the county assessor demonstrating eligibility and providing qualifying evidence as prescribed by the department.

Property must be valued based on legal restrictions affecting use, transferability, and below-market sales prices under municipal affordable housing programs, rather than at market value.

Property owners must notify the assessor of disqualifying events, including conveyance of title to a non-qualifying owner, after which standard tax valuation applies with interest and penalties.

Directs the Department of Revenue to prescribe uniform procedures, affidavits, forms, and valuation formulas for administering the affordable housing property tax program.