AZ SB1490

Adds new Class 1, paragraph 15 property classification for real and personal property rented to lodgers for periods less than 30 days for more than 120 days in a calendar year, valued at full cash value.

Exempts from Class 1, paragraph 15 classification: (a) owner-occupied primary residences included in Class 3, and (b) properties where owners occupy the property at least 60 days per calendar year.

Modifies Class 4, paragraph 10 to clarify that residential properties rented for periods less than 30 days are included in Class 4 if rented for 120 days or less per calendar year, or if the owner occupies the property at least 60 days per calendar year.

Updates section 42-11054 to require the Department of Revenue to prescribe appraisal guidelines for properties with multiple uses.

Applies to all tax years beginning after December 31, 2020.