AZ SB1764

Amends Arizona property tax definitions to replace "current usage" with "current use," defined as the primary use of property as of the valuation date based on objectively verifiable and economically substantive conditions, excluding temporary, incidental, or nominal activities.

Establishes that full cash value cannot exceed market value and must be determined based on fee simple interest assuming unencumbered ownership, unless statute requires otherwise.

Requires county assessors to determine a property's current use from the totality of circumstances and classify it only by general categories: agricultural use, residential use, or vacant land.

Prohibits consideration of zoning, potential future use, or speculative market influences when determining current use for properties subject to statutory valuation methods or used for residential purposes.

Allows county assessors to consider market influences consistent with current use classification and appraisal standards for non-residential properties not subject to statutory valuation methods.