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ARIZONA STATE SENATE
Fifty-Fifth Legislature, Second Regular Session
AMENDED
Arizona Board of Regents; continuation
(NOW: homestead exemptions; increase)
Purpose
Increases the homestead exemption from $250,000 to $450,000, which applies to any recorded and otherwise valid claim of homestead against any creditor who attempts to enforce a judgement or lien on or after the effective date.
Background
Arizona's homestead exemption exempts up to $250,000 of a person’s equity in their dwelling from attachment, execution or forced sale. The exemption applies to a person’s house and land, condominium or cooperative, mobile home or mobile home and land. A person or married couple may only claim one homestead exemption and must reside in the home for which the exemption is claimed. The homestead exemption automatically attaches to a person's interest in identifiable cash proceeds from the voluntary or involuntary sale of the property which continues for 18 months after the date of the sale or until the person establishes a new homestead with the proceeds, whichever is shorter. The homestead exemption does not attach to the person's interest in identifiable cash proceeds from refinancing the homestead property (A.R.S. § 33-1101).
There is no anticipated fiscal impact to the state General Fund associated with this legislation.
Provisions
1. Increases, from $250,000 to $450,000, the homestead exemption.
2. Applies the homestead exemption increase to any recorded and otherwise valid claim of homestead against any creditor who attempts to enforce a judgement or lien on or after the effective date.
3. Makes technical changes.
4. Becomes effective on the general effective date.
Amendments Adopted by Committee
· Adopted the strike-everything amendment.
Senate Action
ED 3/17/22 W/D
FIN 3/23/22 DPA/SE 8-0-2
Prepared by Senate Research
April 11, 2022
MG/AN/slp