AZ SB1495

Increases the personal property tax exemption from $207,366 to $500,000 of full cash value for each taxpayer for class one and class two property used in agriculture or trade/business.

Applies to personal property that is class two property used for agricultural purposes or class one property used in a trade or business as defined in statute.

Requires the Department of Revenue to annually adjust the maximum exemption amount on or before December 31 based on the percentage increase in the employment cost index for private industry workers over the two most recent state fiscal years.

Becomes effective December 31, 2024.