AZ HB2520

Establishes a new property tax classification called "Class 10" for real property subject to fallowing agreements with the Arizona Department of Agriculture or other political subdivisions.

Class 10 property eligibility requires a fallowing agreement mandating the land remain fallow for at least five years and the property must have been classified as Class 2(R) for agricultural purposes for at least ten years before the fallowing agreement takes effect.

Sets the assessed valuation of Class 10 property at ten percent of its full cash value or limited valuation, whichever applies.