AZ SCR1007

Proposes constitutional amendment to Arizona Article IX, Section 18 to establish a property valuation protection option for homeowners age 65 and older on their primary residence.

Eligible seniors must have resided in the primary residence for at least two years and have total income not exceeding 400% of the supplemental security income benefit rate (or 500% for multi-owner properties with at least one owner age 65+).

Once approved, the property valuation remains fixed at the value determined under existing constitutional limits and does not increase as long as the owner remains eligible; requires triennial reapplication and income review.

Property valuation protection terminates if title is conveyed to someone who does not qualify, at which point the property reverts to current full cash value.

Defines "income from all sources including nontaxable income" to include gains on equity and interest-bearing investments, excluding amounts of original investment recovered.