SB 1248 Summary

• Amends Arizona Revised Statutes Section 42-13302 regarding how limited property values are determined when properties undergo modifications, omissions, or changes.

• Expands the threshold for property modifications triggering limited value adjustment from any modification to modifications where the total value equals or exceeds 15% of the full cash value.

• Clarifies that property omitted from tax rolls is excluded from limited value adjustments if the omission resulted from the application of this same statute.

• Modifies treatment of property splits/subdivisions/consolidations occurring after September 30 when initiated by governmental entities, allowing limited values to carry forward with adjustments in the following year rather than resetting immediately.