AZ SB1343

Creates a new property tax classification for affordable housing that is owner-occupied residential property subject to deed restrictions limiting resale price.

Defines "community land trust property" as improvements transferred with at least a 99-year ground lease where the community land trust developer retains an interest in the property.

Establishes that a qualifying owner must be an Arizona resident occupying the property as a permanent residence with annual household income not exceeding 120 percent of the local area median family income.

Caps the assessed value of community land trust property at the sum of its market value and the initial investment basis established when the property first qualifies as affordable housing.

Requires the Department of Revenue to establish uniform rules, procedures, and formulas for determining valuation of affordable housing properties under the new provisions.