AZ SB1121

Amends Arizona Revised Statutes Section 42-13302 to establish methodology for determining limited property values when properties are modified, omitted from tax rolls, or change use.

Requires the county assessor to determine limited property value by comparing to properties of the same or similar use or classification, using either all parcels in the county or parcels within specific markets established by the assessor.

Specifies that property splits, subdivisions, or consolidations initiated by a governmental entity after September 30 receive different treatment than those initiated by private parties, with governmental actions potentially resulting in lower limited values.

Clarifies that changes in occupancy or classification of single-family residences and changes in guest ranch classification do not constitute changes in property use that trigger limited value adjustments.

Preserves value-adding characteristics for properties that are split or consolidated, except when property modifications equal or exceed 15 percent of full cash value.