AZ SB1582

Increases the homestead exemption amount from $250,000 to $450,000 in value for individuals and married couples in Arizona.

Allows any person at least 18 years of age who resides in Arizona to hold one homestead exemption, which applies to residential property, condominiums, cooperatives, or mobile homes.

Maintains the restriction that only one homestead exemption may be held by a married couple or single person, and limits combined exemptions for divorced couples to $450,000 total.

Extends the homestead exemption to identifiable cash proceeds from property sales for up to 18 months or until a new homestead is established, whichever is shorter.

Makes the increased exemption amount applicable retroactively to any recorded homestead claims or exemptions claimed by operation of law when creditors attempt to enforce judgments or liens on or after the effective date.