AZ SB1724

Amends Arizona property valuation laws to clarify when property splits, subdivisions, or consolidations trigger a reestablishment of limited property value for tax purposes.

Property splits or consolidations initiated by owners between January 1 and September 30 of the valuation year will have limited property value reset to comparable market levels; those occurring October 1 through December 31 retain original values until the following year.

Government-initiated splits or consolidations receive more favorable treatment, with limited property value set at the lower of comparable market value or the original parcel's limited value.

Establishes that a split, subdivision, or consolidation does not require reestablishment of limited property value unless it creates a new "independently usable and independently marketable economic unit or functional unit."

Defines key terms including "economic unit" (property operating as a single income-producing entity), "functional unit" (property operating as a single site for primary use), and "independently marketable" (capable of being sold separately in the open market).