property tax assessment; destroyed property

SB 1294 adjusts property tax assessments for properties destroyed after tax rolls close in Arizona. It allows property owners to prorate taxes based on the date of destruction (e.g., after a fire or flood), reducing the taxable value for the period the property was destroyed. County assessors must maintain the property's classification for up to five years or until a change in use occurs, and taxes are recalculated using prorated values for intact and destroyed periods. This directly affects owners of damaged property, ensuring they only pay taxes for the time the property was usable.