property valuation; splits; subdivisions; consolidations

SB 1724 amends Arizona property tax law to clarify how reduced tax valuations are calculated for properties that are split, subdivided, or consolidated. It requires that for owner-initiated splits between January 1 and September 30, new parcels must be valued at a level comparable to similar properties. For splits after September 30, new parcels retain the original reduced value but are revalued the following year to match similar properties. Government-initiated splits follow different rules, often allowing the original reduced value to carry over for one year.