Arizona Governor Signs Law on Property Tax Assessments of Destroyed Property

The Arizona Governor signed a law amending property tax assessment procedures for destroyed properties. The law allows county assessors to maintain prior property classifications for up to 5 years after destruction, or until an objectively verifiable change in use occurs, whichever is sooner. The law is effective on the general effective date. [H.B. 2408, enacted 03/29/24]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.