Bill Text: AZ SB1329 | 2010 | Forty-ninth Legislature 2nd Regular | Introduced
Bill Title: Property taxes; vacant lots; zoning [Track Bill]
Status: 2010-02-03 - Referred to Senate FIN Committee [SB1329 Detail]
REFERENCE TITLE: property taxes; vacant lots; zoning
State of Arizona
Second Regular Session
Amending section 42-12003, Arizona Revised Statutes; relating to property tax assessment classification.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 42-12003, Arizona Revised Statutes, is amended to read:
42-12003. Class three property; definition
A. For purposes of taxation, class three is established consisting of:
1. Real and personal property and improvements to the property that are used for residential purposes, that are not otherwise included in class one, two, four, six, seven or eight and that are valued at full cash value. The homesite that is included in class three may include:
1. (a) Up to ten acres on a single parcel of real property on which the residential improvement is located.
2. (b) More than ten, but not more than forty, acres on a single parcel of real property on which the residential improvement is located if it is zoned exclusively for residential purposes or contains legal restrictions or physical conditions that prevent the division of the parcel.
2. Vacant real property consisting of not more than one acre that is zoned exclusively for residential purposes.
B. For the purposes of this section, "physical conditions" means topography, mountains, washes, rivers, roads or any other configuration that limits the residential usable land area.