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ARIZONA HOUSE OF REPRESENTATIVESFifty-fifth Legislature First Regular Session |
House: WM DP 9-1-0-0 |
HB 2376: class 2 property; guest ranches
Sponsor: Representative Dunn, LD 13
House Engrossed
Overview
Includes land and improvements devoted to use as a guest ranch as Class two property. Requires the owner to record a deed restriction with the county recorder and file a copy with the county assessor that restricts the property use as a guest ranch for at least 10 years.
History
Property class dictates assignment of an assessment percentage for property taxes (A.R.S. § 42-12010). Current statute defines three subclasses that are included in class two property (A.R.S. § 42-12002). Under current law, the assessed valuation all three subclasses of class two property — either full cash value or limited valuation, as applicable — is 15% (A.R.S. § 42-15002).
Provisions
2. Adds personal property of a guest ranch to Class 2 property. (Sec. 1)
3. Defines guest ranch. (Sec. 2)
4. Requires an owner of a guest ranch to record a deed restriction, by August 31 of the year preceding the valuation, with the county recorder that restricts that property to a guest ranch for at least 10 years. (Sec. 2)
5. States the use of the property must remain unchanged during the 10-year period or the property will lose the agricultural real property status and the owner will be subject to a penalty equal to the amount of property taxes that would have been levied on the property for the preceding years had it not been valued as agricultural real property. (Sec. 2)
6. Requires a county assessor to maintain a record of the property value if it had not been valued as agricultural property for at least ten years. (Sec. 2)
7. Contains conforming changes. (Sec. 1)
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HB 2376
Initials VP Page 0 House Engrossed
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