AZ SB1491

Lowers the age requirement for residential property tax deferral from 70 to 65 years old, or allows individuals with total and permanent disabilities to qualify regardless of age.

Increases the income threshold for tax deferral eligibility from $10,000 to $20,000 annually, with adjustments tied to federal Social Security cost-of-living increases.

Modifies the property value cap to allow deferral on residences worth up to $150,000 or 75 percent of the county's median full cash value, whichever is greater.

Reassigns reporting requirements so each county treasurer and assessor report deferral statistics to the state treasurer by August 1 and September 1 respectively, rather than the state compiling all county reports.