ARIZONA STATE SENATE
Phoenix, Arizona
property tax classification;
conservation easement
Beginning in the 2002 valuation year, includes real property subject to a conservation easement under the class 6 property designation.
A conservation easement is a voluntary agreement that allows a landowner to limit the type or amount of development on their property while retaining private ownership of the land. The easement is signed by the landowner, who is the easement donor, and the conservancy, who is the party receiving the easement. The conservancy accepts the easement with understanding that it must enforce the terms of the easement perpetually.
Currently, properties subject to a conservation easement in Arizona fall under the class 2 property designation, if the land is vacant, and is assessed at 16 percent. S.B. 1515 includes these types of properties under the class 6 designation (which includes properties such as non-commercial historic properties, qualifying environmental technology properties and qualifying environmental remediation properties), which is assessed at five percent of the net assessed value (NAV).
1. Beginning in the 2002 valuation year, includes real property that is subject to an unlimited duration conservation easement under the class 6 property designation, which is assessed five percent NAV.
Prepared by Senate Staff
February 8, 2001