AZ SB1196

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

Defines "affordable housing" as owner-occupied residential property subject to recorded deed restrictions that limit resale price, and establishes related definitions for community land trusts, qualifying owners, and resale restrictions.

Requires qualifying owners to be Arizona residents with annual household income not exceeding 120 percent of local area median family income according to U.S. Department of Housing and Urban Development data.

Limits the appraised value of community land trust property to the sum of the property's market value and its initial investment basis from the year it first qualifies as affordable housing.

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