|
REFERENCE TITLE: affordable housing projects; tax assessment. |
|
State of Arizona House of Representatives Fifty-third Legislature First Regular Session 2017
|
|
HB 2517 |
|
|
|
Introduced by Representatives Salman: Blanc
|
AN ACT
Amending title 42, chapter 13, Arizona Revised Statutes, by adding article 12; relating to property tax valuations.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 42, chapter 13, Arizona Revised Statutes, is amended by adding article 12, to read:
ARTICLE 12. AFFORDABLE HOUSING PROJECTS
42-13551. Definition of affordable housing
In this article, unless the context otherwise requires, "affordable housing" means owner-occupied residential property that is classified as class three pursuant to section 42-12003 and that is subject to a recorded deed restriction that restricts the use of the property and limits the price at which the property can be resold.
42-13552. Qualification of property; affidavit; notification of disqualifying event
A. The department shall prescribe uniform procedures, affidavits and forms that are required to qualify affordable housing property for valuation pursuant to this article.
B. A person whose property qualifies for valuation as affordable housing under this article must initially file an affidavit with the county assessor as to the eligibility of the person and the property and furnish with the affidavit any qualifying evidence the department requires.
C. After initial qualification, the person is not required to file any further documents, but the person or the person's representative shall notify the assessor of any event that disqualifies the person's property from valuation under this article. Regardless of whether the person or representative notifies the assessor as required by this subsection, the property is subject to valuation as provided by law from the date of disqualification, including any interest, penalties and proceedings for tax delinquencies. Disqualifying events include the conveyance of title to the property to another owner who is not qualified for affordable housing ownership.
42-13553. Determining valuation; rules
A. A parcel of affordable housing property may not be valued at its market value but at a value that reflects legal restrictions on its use, transferability and below-market sales price and limited profit margin under the applicable municipal affordable housing program.
B. The department shall prescribe uniform rules, procedures and formulas for determining and fixing valuation under this section.