Bill Text: AZ SB1432 | 2016 | Fifty-second Legislature 2nd Regular | Chaptered
Bill Title: Conservation easements; tax classification; registry
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2016-05-11 - Chapter 168 [SB1432 Detail]
Download: Arizona-2016-SB1432-Chaptered.html
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House Engrossed Senate Bill |
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State of Arizona Senate Fifty-second Legislature Second Regular Session 2016
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CHAPTER 168
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SENATE BILL 1432 |
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AN ACT
amending section 42-12002, Arizona Revised Statutes; amending title 42, chapter 12, article 2, Arizona Revised Statutes, by adding section 42-12058; amending section 42-15002, Arizona Revised Statutes; relating to property tax classification.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 42-12002, Arizona Revised Statutes, is amended to read:
42-12002. Class two property
For purposes of taxation, class two is established consisting of two three subclasses:
1. Class two (R) consists of:
(a) Real property and improvements to property that are used for agricultural purposes and that are valued at full cash value or pursuant to chapter 13, article 3 of this title, as applicable.
(b) Real property and improvements to property that are primarily used for agricultural purposes to produce trees other than standing timber, vines, rosebushes, ornamental plants or other horticultural crops, regardless of whether the crop is grown in containers, soil or any other medium, that are not included in class one, three, four, six, seven or eight and that are valued at full cash value or pursuant to chapter 13, article 3 of this title, as applicable.
(c) Real property and improvements to property that are owned and controlled by a nonprofit organization that is exempt from taxation under section 501(c)(3), (4), (7), (10) or (14) of the internal revenue code if the property is not used or intended for the financial benefit of members of the organization or any other individual or organization, unless the financial benefit is for charitable, religious, scientific, literary or educational purposes, and that are valued at full cash value.
(d) Real property of golf courses that is valued at full cash value or pursuant to chapter 13, article 4 of this title.
(e) All other real property and improvements to property, if any, that are not included in class one, three, four, six, seven or eight and that are valued at full cash value.
2. Class two (P) consists of:
(a) Personal property that is used for agricultural purposes and that is valued at full cash value or pursuant to chapter 13, article 3 of this title, as applicable.
(b) Personal property that is primarily used for agricultural purposes to produce trees other than standing timber, vines, rosebushes, ornamental plants or other horticultural crops, regardless of whether the crop is grown in containers, soil or any other medium, that is not included in class one, three, four, six, seven or eight and that is valued at full cash value or pursuant to chapter 13, article 3 of this title, as applicable.
(c) Personal property that is owned and controlled by a nonprofit organization that is exempt from taxation under section 501(c)(3), (4), (7), (10) or (14) of the internal revenue code if the property is not used or intended for the financial benefit of members of the organization or any other individual or organization, unless the financial benefit is for charitable, religious, scientific, literary or educational purposes, and that is valued at full cash value.
(d) Personal property of golf courses that is valued at full cash value or pursuant to chapter 13, article 4 of this title.
(e) All other personal property that is not included in class one, three, four, six, seven or eight and that is valued at full cash value.
3. Class two (C) consists of real property, and improvements to real property, that is burdened by a conservation easement that has been created and is currently in effect pursuant to title 33, chapter 2, article 4.
Sec. 2. Title 42, chapter 12, article 2, Arizona Revised Statutes, is amended by adding section 42-12058, to read:
42-12058. Registry of real property burdened by conservation easements
A. The county assessor in each county shall establish and maintain a public digital registry of each parcel of property in the county that is classified as class two (C) pursuant to section 42-12002, paragraph 3 from and after december 31, 2016 because it is burdened by a conservation easement.
B. The registry shall include the following information regarding each parcel:
1. The name of the owner or owners of the real property that is burdened by the conservation easement.
2. The date the conservation easement was created or recorded.
3. Whether the conservation easement is perpetual or limited in duration and, if so limited, the date or conditions under which the conservation easement terminates.
C. The assessor shall periodically review and revise as necessary the information contained in the registry for the purpose of verifying that the listed properties should remain classified as class two (C).
Sec. 3. Section 42-15002, Arizona Revised Statutes, is amended to read:
42-15002. Assessed valuation of class two property
The following percentages apply to the full cash value or limited valuation, as applicable, as a basis for determining the assessed valuation of class two property described in section 42‑12002:
1. Class two (R): sixteen per cent percent through December 31, 2015 and fifteen per cent percent beginning from and after December 31, 2015.
2. Class two (P): sixteen per cent percent through December 31, 2015, and fifteen per cent percent beginning from and after December 31, 2015, of the value exceeding the maximum amount of valuation of personal property that is exempt from taxation pursuant to section 42‑11127.
3. Class two (C): fifteen percent.
Sec. 4. Effective date
This act is effective from and after December 31, 2016.
APPROVED BY THE GOVERNOR MAY 11, 2016.
FILED IN THE OFFICE OF THE SECRETARY OF STATE MAY 11, 2016.
