AZ SB1224

Amends Arizona Revised Statutes Section 42-13302 to establish when limited property values are reset to comparable market rates.

Adds two new circumstances triggering limited value recalculation: (1) property that previously qualified for constitutional property valuation protection but no longer qualifies or the owner did not reapply, and (2) property that previously qualified for a statutory valuation formula but no longer qualifies.

Clarifies that changes in occupant or classification of single-family residences and changes in guest ranch classification do not constitute a change in use for property valuation purposes.

Maintains existing rules for property splits, subdivisions, and consolidations, with different limited value treatments depending on whether actions are initiated by governmental entities and timing within the valuation year.