3d Time May Be the Charm

Proponents of a plan to limit increases in Arizona state and local property tax levies have filed paperwork with the secretary of state’s office for a third try at a statewide vote. Similar initiative attempts failed in 2008 and 2010.

The Proposition 13 plan is modeled on California’s Proposition 13.

The total tax rate would be capped at 0.5% for all residential property and 1.0% for all other real property, based on the price paid for property purchased on or after Jan. 1, 2004.

Older properties would be taxed at the 2003 assessed value until the properties are sold. Valuations could increase by no more than 2% a year.

Lynne Weaver of Prop 13 Arizona said the group will hire signature collectors for its effort to obtain the 259,213 voter signatures needed to put the constitutional amendment on the November 2012 ballot. The petitions must be submitted by July 5, 2012.

The group has incorporated and filed for tax-exempt status as a 501(c)4 organization to facilitate fund raising.

For reprint and licensing requests for this article, click here.
Arizona
MORE FROM BOND BUYER