HB 2482 Summary

• Amends Arizona Revised Statutes section 42-12006 to add a new class six property category for elderly homeowners' primary residences.

• Allows individuals who qualify for property valuation protection under Arizona Constitution Article IX, Section 18, Subsection (7) to classify their primary residence as class six property valued at full cash value.

• Restricts qualification to individuals with no ownership or legal interest in other real property anywhere, except through indirect investment securities like mutual funds.

• Exempts properties with full cash value of $600,000 or more from this classification unless they already qualified for valuation protection as of December 31, 2020.