AZ SB1069

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

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

Requires the Department to annually increase the maximum exemption amount by December 31 based on the percentage increase in the employment cost index for total compensation in private industry for the two most recent complete state fiscal years.

Effective December 31, 2025.