AZ SB1634

Amends section 9-403 of Arizona Revised Statutes regarding the sale of municipal real property by cities and towns.

Changes the valuation threshold for triggering a special election before property sale from a fixed amount of $1.5 million to 2.5% of the locally assessed real property value of the city or town as stated in the county assessor's annual levy limit worksheet.

Requires the valuation threshold to be based on the net assessed value subject to taxation from the prior year rather than current year assessment.

Maintains existing requirements that property sales above the threshold must be authorized by special election before the governing body can proceed with a public auction sale to the highest bidder.