property tax; limited property value

When Arizona property tax values reset

Arizona law sets a comparable value for similar property when property was wrongly left off the prior year's tax rolls, its verifiable use changes, or construction, destruction, or demolition changes its value by at least 15% of full cash value. A change in who occupies or how a single-family home is classified, or a guest ranch's classification change, does not count as a use change. Comparable values also apply to property split or combined from January 1 through September 30, unless the government initiated the change, and when constitutional or statutory valuation eligibility ends. For a non-government parcel change from October 1 through December 31, the total limited value stays the same that year; the next year, parcels use comparable values and keep the original value-adding characteristics, except for the 15% construction rule. For government-initiated changes, the total value stays the same for October–December changes, while January–September changes use the lower of comparable value or the original total value; the next year's value follows separate comparison rules. Statutory valuation means a formula in title 42, chapters 11 through 19, and another law can provide a different rule.