REFERENCE TITLE: property tax reduction; state aid

State of Arizona House of Representatives Fifty-sixth Legislature Second Regular Session 2024

HB 2600

Introduced by Representatives Peshlakai: Villegas

 

 

 

 

 

 

 

An Act

 

providing for a property tax rate reduction and additional state aid for education.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1. Fiscal year 2024-2025; property tax rate reduction; additional state aid to school districts; delayed repeal

A. In fiscal year 2024-2025, each county board of supervisors shall apply any reduction in the property tax rate pursuant to section 15-972, subsection D, Arizona Revised Statutes, to all taxable property within the school district if both of the following apply:

1. The total assessed valuation of all residential property within the school district is less than ten percent of the total assessed valuation of all taxable property in the school district.

2. The school district has an approved levy for a cash deficit from the prior fiscal year pursuant to section 15-992, Arizona Revised Statutes.

B. Notwithstanding section 15-972, Arizona Revised Statutes, in fiscal year 2024-2025, the reduction in the property taxes on a parcel of property resulting from the reduction in the property tax rate pursuant to section 15-972, subsection D, Arizona Revised Statutes, may exceed $600 if both of the following apply:

1. The total assessed valuation of all residential property within the school district is less than ten percent of the total assessed valuation of all taxable property in the school district.

2. The school district has an approved levy for a cash deficit from the prior fiscal year pursuant to section 15-992, Arizona Revised Statutes.

C. Notwithstanding section 15-972, subsection K, Arizona Revised Statutes, in fiscal year 2024-2025, additional state aid for education that will be funded by this state pursuant to section 15-972, subsection E, Arizona Revised Statutes, may exceed $1,000,000 per county if both of the following apply:

1. The total assessed valuation of all residential property within the school district is less than ten percent of the total assessed valuation of all taxable property in the school district.

2. The school district has an approved levy for a cash deficit from the prior fiscal year pursuant to section 15-992, Arizona Revised Statutes.

D. This section is repealed from and after December 31, 2026.