AZ SB1480

Amends Title 42, Chapter 13 of Arizona Revised Statutes by adding Article 12 governing affordable housing property tax valuations.

Defines "affordable housing" as owner-occupied residential property (class three) subject to recorded deed restrictions that limit resale price and property use.

Establishes definitions for community land trust property, developers, and qualifying owners (households earning no more than 120% of local area median family income).

Caps the assessed value of community land trust property at the sum of the market value of the land trust and the property's initial investment basis in the year it first qualifies as affordable housing.

Directs the Department of Revenue to prescribe uniform rules, procedures, and formulas for determining and fixing valuations of affordable housing under this statute.