ARIZONA HOUSE OF REPRESENTATIVES

SCR 1007: senior property valuation freeze; income

PRIME SPONSOR: Senator Griffin, LD 14

BILL STATUS: Ways & Means

Abstract

Relating to the senior property valuation freeze program.

Provisions

1. Upon voter approval:

a. Clarifies that gains realized on equity and interest-bearing investments, not including any amount of the original investment recovered in the transaction, are considered in determining eligibility for the senior valuation freeze program.

b. Makes technical changes.

2. Directs the SOS to submit the proposition to the voters at the next general election.   

Current Law

An Arizona resident who is 65 or older may apply for a property valuation protection option on their primary residence. To qualify, the person must have resided on the property for at least two years and the applicant's total income may not exceed the supplemental security income benefit rate by either 400% ($36,000 in 2018) if one person owns the property or 500% ($45,000 in 2018) if two or more people own the property. If the county assessor approves a property valuation protection option, the LPV of the primary residence is fixed for three years. To remain eligible, qualifying residents must apply every three years (Article IX, Sec 18, Constitution of Arizona).

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Fifty-third Legislature                  SCR 1007

Second Regular Session                               Version 1: Ways & Means

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