The State Board of Equalization (SBOE) consists of forty-one members. Twenty-one are appointed by the Governor (a Chairman, ten members from Maricopa County and ten from Pima County). These members serve five-year terms. Members appointed by the Governor hear and decide both centrally valued property and locally assessed property. Property valued by the Department of Revenue is referred to as centrally valued (CV) property. Property valued by the local assessors' office is referred to as locally assessed.

The remaining twenty members are appointed by the Maricopa and Pima County Boards of Supervisors (two by each Supervisor). They serve terms concurrent with the appointing Supervisors and at the Supervisors' pleasure. These "county appointed" members only hear locally assessed property.

Members must have "work experience and other qualifications" in property valuation, appeals, appraisal or condemnation. A member of the Board cannot hold any other state or local public office that interacts with this Board.

The Board meets as necessary to hear and decide property owners' appeals of property valuations set by the Pima and Maricopa County Assessors and the Department of Revenue. The Chairman's position is full-time. Complete information can be obtained by reading Arizona Revised Statutes (A.R.S.) § 42-16151

The Board of Equalization operates under Board Rules established by law.