Proposition 13 Arizona (2010)
From Ballotpedia
Prop 13 Arizona limits property taxation by amending the Arizona Constitution using the Citizens Initiative process. We have until July 1, 2010 to collect 230,047 valid signatures to qualify for the November 2010 ballot.
Your lower property valuation won’t lead to lower tax bills. When valuations go down tax rates automatically go up to assure no taxing district receives less tax revenue than the prior year. Taxing districts decide how much they want to spend then send you a property tax bill for your portion of it. Prop 13 Arizona ends that spending practice and gives control back to property owners.
Prop 13 Arizona features
▪ Uses purchase price as the basis for taxation instead of speculative assessments. Properties purchased before January 1, 2004 use 2003 Full Cash Value as their tax basis until resold.
▪ Caps the Residential Real Property Tax Rate at 0.5%, including non-owner occupied and investment properties.
▪ Caps All Other Real Property Tax Rate at 1.0%
▪ Limits valuation increases to no more than 2% per year
Potential property tax increases
▪ A special election in March 2010 allowing school districts an additional 5% override. Most schools received a 10% M&O funding increase from higher Limited Property Values, many passed 10% budget overrides, and another 5% would bring the one year M&O funding increase to 25%.
▪ A legislative budget proposal that includes $2 billion in new property taxes to close the budget shortfall.
▪ Prop 104 in 2006 raised the debt capacity on all property statewide to accommodate $160 billion in transportation bonds for road construction.
Prop 13 Arizona benefits
▪ Puts family budgets first, not government’s desire to tax and spend without limit. It provides plenty of money for the government, just not unlimited and unaffordable tax increases.
▪ Makes property tax bills predictable for as long as you own your home.
▪ Will bring real estate buyers into Arizona by offering property tax predictability.
▪ Requires a new school funding formula by eliminating those confusing primary and secondary tax designations. Creates an opportunity for a transparent and understandable school funding formula.
▪ Reduces lobbyist power by changing the spending dynamic. Prop 13 Arizona defines the size of the government money pot so lobbyists compete for their share of the pot, not for how much more they can get from taxpayers.
Prop 13 Arizona has volunteers throughout the state collecting petition signatures. We are working to fund a paid signature collection campaign to put us over the top. This is a non-partisan initiative and we estimate 80% of voters support Prop 13 Arizona. If Prop 13 Arizona can qualify for the 2010 ballot, it will pass into law. In 2008 Prop 100, an initiative that precludes adding a real estate transaction tax, passed with a 76% majority.
www.Prop13Arizona.com
Info@Prop13Arizona.com
