State SealARIZONA HOUSE OF REPRESENTATIVES

 

SB 1248: taxation; improvements on possessory rights

PRIME SPONSOR: Senator Burges, LD 22

BILL STATUS: Ways & Means

 

Legend: FCV – full cash value LPV – limited property value Amendments – BOLD and Stricken (Committee)

Abstract

☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteRelating to the valuation of improvements on possessory rights.

Provisions

1.       Requires all improvements or other fixed property located on unpatented land, a mining claim or state land not secured by patented real property, to be valued as real property, rather than personal property. (Sec. 3)

2.       Makes technical, clarifying and conforming changes. (Sec. 1-4)

Current Law

A.R.S. § 42-19003 requires all improvements, appurtenances, wells, stock tanks and any other fixed property that is located on unpatented land, a mining claim or state land that is not secured by patented real property to be valued as personal property.  Personal property is valued and taxed at FCV, also known as the market value.  While real property is valued at both the FCV and the LPV and is taxed based on the LPV.

 

 

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Fifty-third Legislature                  SB 1248

Second Regular Session                               Version 1: Ways & Means

 

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