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Senate Engrossed
personal property exemption; increase |
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State of Arizona Senate Fifty-sixth Legislature Second Regular Session 2024
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SENATE BILL 1495 |
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An Act
amending section 42-11127, Arizona Revised Statutes; relating to property tax.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 42-11127, Arizona Revised Statutes, is amended to read:
42-11127. Exempt personal property
A. Pursuant to article IX, section 2, subsection F, Constitution of Arizona, personal property that is class two property pursuant to section 42-12002, paragraph 2, subdivision (a) or (b) and that is used for agricultural purposes or personal property that is class one property pursuant to section 42-12001 and that is used in a trade or business as described in section 42-12001, paragraphs 8 through 11 or 13 is exempt from taxation up to a maximum amount of $207,366 $500,000 of full cash value for each taxpayer.
B. On or before December 31 of each year, the department shall increase the maximum amount of the exemption for the following tax year based on the percentage increase, if any, in the employment cost index for total compensation for private industry workers in the two most recent complete state fiscal years. For the purposes of this subsection, "employment cost index" means the average of the employment cost indices reported by the bureau of labor statistics of the United States department of labor or its successor for the eight quarters of the two most recent state fiscal years.
Sec. 2. Effective date
Section 42-11127, Arizona Revised Statutes, as amended by this act, is effective from and after December 31, 2024.