Arizona HB2261 amends property tax laws for agricultural real property, including valuation methods and classification criteria.

Arizona HB2261 modifies the valuation and classification of agricultural real property for tax purposes. It establishes that agricultural real property must be valued using the income approach without considering urban or market influences. The bill outlines specific criteria for property to qualify as agricultural real property, including active production and certain land use restrictions. It also details the process for property owners to apply for agricultural real property classification and the consequences for providing false information.

Arizona HB2261 amends property tax laws for agricultural real property, including valuation methods and classification criteria.

Arizona HB2261 modifies the valuation and classification of agricultural real property for tax purposes. It establishes that agricultural real property must be valued using the income approach without considering urban or market influences. The bill outlines specific criteria for property to qualify as agricultural real property, including active production and certain land use restrictions. It also details the process for property owners to apply for agricultural real property classification and the consequences for providing false information.