ARIZONA HOUSE OF REPRESENTATIVES

Fifty-seventh Legislature

First Regular Session

Senate: FIN DP 7-0-0-0: 3rd Read 29-0-1-0

House: WM DP 7-0-0-2: 3rd Read 55-2-3-0

Chapter: 11

SB 1549: conservation easements; valuation

Sponsor: Senator Leach, LD 17

Signed by the Governor

Overview

Requires the Department of Revenue (DOR) or a county assessor to use and apply standard appraisal practices and techniques to determine the full cash value of a conservation easement unless a statutory formula takes precedence.

History

The Uniform Conservation Easement Act in A.R.S. § 33-271 defines conservation easement as a non-possessory interest of a holder in real property imposing limitations or affirmative obligations for conservation purposes or to preserve the historical, architectural, archaeological or cultural aspects of real property. Typically, conservation or preservation easements are in effect in perpetuity.

Conservation purposes means any of the following activities which yield a significant public benefit: 1) preserving land areas for outdoor recreation by, or the education of, the general public; 2) protecting a relatively natural habitat of fish, wildlife or plants or similar ecosystem; and 3) preserving open space, including farmland and forest land, if the preservation is either for the scenic enjoyment of the general public or pursuant to a clearly delineated federal, state or local governmental conservation policy.

The DOR published the Conservation Easement Valuation guideline to ensure equitable and consistent assessment of property subject to a conservation easement.

Provisions

1. Requires DOR or a county assessor to use and apply standard appraisal practices and techniques to determine the full cash value of a conservation easement unless a statutory formula takes precedence. (Sec. 1)

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5. SB 1549

6. Initials VP Page 0 Signed

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