property tax; limited value; methodology

SB 1121 amends Arizona's property tax rules to clarify how "limited value" (a cap on annual tax increases for certain properties) is calculated when properties undergo specific changes. It directly affects property owners whose properties are split, subdivided, modified (by construction/destruction totaling 15%+ of full value), or omitted from tax rolls. The bill specifies that for properties changed after September 30, the new parcel(s) retain the original limited value until the next tax year, while properties split before October 1 must align with similar properties' value percentages. It also clarifies that minor changes like single-family home occupancy shifts or guest ranch classifications don’t count as "use changes" for tax purposes.