AZ SB1555

Requires county assessors to value newly constructed residential property within 60 days after sale, with buyers paying prorated taxes based on the new valuation for the remaining tax year.

Establishes a mandatory Housing Affordability Fund in each Arizona county, funded by the difference between a new home's initial valuation and its post-sale valuation during the transition period.

Authorizes fund monies for down payment and closing cost assistance to employees of state/local governments, charter schools, and public safety, health care, or education employers.

Permits grants, loans, or incentives to builders and developers for constructing affordable housing types including entry-level housing, workforce housing, middle housing, and reduced square footage units.

Prohibits fund monies from supplanting existing housing programs or being used for general government purposes, and allows counties to partner with cities, towns, or housing authorities to administer the fund.