Arizona's property tax statutes aid owners who rehabilitate underutilized historic commercial or industrial properties by offering participants a substantial reduction in their property taxes for ten years. The intent of this program is to provide an owner the opportunity to make a building presentable to tenants and allow such tenants a period to establish business without the burden of increased rent due to property tax increases. To receive the tax reduction, a property owner must agree to rehabilitate and maintain the property in a way that preserves the historical integrity of its features. For a period of ten years, modifications intended to restore or rehabilitate the property are almost entirely tax free (assessed at 1 percent of full cash value rather than 25 percent).
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