SCR 1007 — senior property valuation freeze; income

SCR1007 - 532R - SH Ver       SenateHouse Engrossed Senate Bill       State of Arizona Senate Fifty-third Legislature Second Regular Session       SENATE CONCURRENT RESOLUTION       A CONCURRENT RESOLUTION   Proposing an amendment to the constitution of Arizona;

(7)  A resident of this state who is sixty-five years of age or older may apply to the county assessor for a property valuation protection option on the person's primary residence, including not more than ten acres of undeveloped appurtenant land.  To be eligible for the property valuation protection option, the resident shall make application must apply to and furnish documentation required by the assessor on or before September 1.  If the resident fails to file the application on or before September 1, the assessor shall process the application for the subsequent year.  If the resident files an application with the assessor on or before September 1, the assessor shall notify the resident whether the application is accepted or denied on or before December 1.  The resident may apply for a property valuation protection option after residing in the primary residence for two years.  If one person owns the property, the person's total income from all sources including nontaxable income shall not exceed four hundred per cent percent of the supplemental security income benefit rate established by section 1611(b)(1) of the social security act. act.  If If the property is owned by two or more persons, including a husband and wife, at least one of the owners must be sixty‑five years of age or older and the owners' combined total income from all sources including nontaxable income shall not exceed five hundred per cent percent of the supplemental security income benefit rate established by section 1611(b)(1) of the social security act.  Theact. assessor shall review the owner's income qualifications on a triennial basis and shall use the owner's average total income during the previous three years for the review.  If the county assessor approves a property valuation protection option, the value of the primary residence shall remain fixed at the valuation determined pursuant to subsection (3) of this section that is in effect during the year the property valuation protection option is filed and as long as the owner remains eligible.  To remain eligible, the county assessor shall require a qualifying resident to reapply for the property valuation protection option every three years and shall send a notice of reapplication to qualifying residents six months before the three year reapplication requirement.  If title to the property is conveyed to any person who does not qualify for the property valuation protection option, the property valuation protection option terminates, and the property shall revert to its current full cash value.  For the purposes of this subsection, "income from all sources including nontaxable income" includes gains realized on equity and interest-bearing investments, but does not include any amount of the original investment recovered in the transaction.

The assessor shall review the owner's income qualifications on a triennial basis and shall use the owner's average total income during the previous three years for the review.  If the county assessor approves a property valuation protection option, the value of the primary residence shall remain fixed at the valuation determined pursuant to subsection (3) of this section that is in effect during the year the property valuation protection option is filed and as long as the owner remains eligible.  To remain eligible, the county assessor shall require a qualifying resident to reapply for the property valuation protection option every three years and shall send a notice of reapplication to qualifying residents six months before the three year reapplication requirement.  If title to the property is conveyed to any person who does not qualify for the property valuation protection option, the property valuation protection option terminates, and the property shall revert to its current full cash value.  For the purposes of this subsection, "income from all sources including nontaxable income" includes gains realized on equity and interest-bearing investments, but does not include any amount of the original investment recovered in the transaction.