Is Agricultural property taxed the same as residential property?

Qualified AG is a statutory valuation

Nope! As Mr. Chappell correctly stated, it goes under a different valuation process determined in law under A.R.S. 42-13101. Among other things it states, "Land that is used for agricultural purposes shall be valued using only the income approach to value without any allowance for urban or market influences." Houses on the other hand are traditionally valued by sales comparison (what other similar houses sell for) and are not restricted to one method of valuation like agriculture.