AZ SB1260

Amends Arizona Revised Statutes sections 15-972, 42-11111, 42-11127, 42-11152, and 42-15053 to update property tax exemption provisions for conformity with constitutional changes.

Updates exemption amounts for widows, widowers, persons with total and permanent disabilities, and veterans with disabilities: increases from $3,000/$20,000 limits to $4,117/$27,970 limits, with annual adjustments based on GDP price deflator.

Expands eligibility for property tax exemptions to include veterans with service or nonservice connected disabilities, with exemption amounts limited by the percentage of the veteran's disability rating.

Changes the exemption cap for personal property used in agriculture or trade/business from $50,000 to $195,878 of full cash value, with annual adjustments based on employment cost index.

Becomes effective only upon voter approval of Senate Concurrent Resolution 1019 at the next general election to amend the Arizona Constitution and consolidate property tax exemption provisions.