Arizona Governor Signs Law Concerning Class Two Property Tax Valuations of Guest Ranches

April 8, 2021, 5:00 AM

The Arizona Governor April 6 signed a law concerning the assessment and valuation of guest ranches’ real and personal property as class two properties for property tax purposes. The law includes measures: 1) establishing a 15 percent assessment ratio for class two properties; 2) clarifying that as a condition for valuation under class two, the owner of a guest ranch must record a deed restriction with the County Recorder and file a copy with the County Assessor; 3) establishing the deed restriction application for 10 years; and 4) establishing the tax procedure if a property is converted to a different...

To read the full article log in. To learn more about a subscription click here.