class one property; assessment ratio

HB 2357 gradually reduces the property tax assessment ratio for Arizona's "class one property" (primarily primary residences) over time. It lowers the percentage of a home's full cash value used to calculate property taxes, starting at 25% through 2005 and decreasing step-by-step to 15.2% by 2027. The bill directly affects residential property owners by reducing their taxable value year-by-year as specified in the amended statute. This change is a concrete policy adjustment to property tax calculations, not an immediate tax cut.