AZ SB1204

Adds Article 12 to Arizona Title 42, Chapter 13 regarding affordable housing property tax valuations.

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

Defines "community land trust property" as improvements where a qualifying owner holds a fee or leasehold interest with a ground lease of at least 99 years and the community land trust developer retains an interest in the property.

Establishes that the initial appraised value of community land trust property when first classified as affordable housing becomes the "initial investment basis" and future valuations cannot exceed the sum of the community land trust's market value plus this initial investment basis.

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