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Arizona Legislature to Exempt Some Property from Taxation, Proposition 101 (1996)
|Legislature to Exempt Some Property from Taxation|
Text of measure
The language that appeared on the ballot:
The Arizona Constitution provides that all property in Arizona is subject to property taxation unless it is specifically exempted from tax as authorized by the Constitution.
Proposition 101 would amend the Arizona Constitution to allow the Legislature to exempt from taxation the first $50,000 of "full cash value" of a taxpayer's "personal property" if it is used in agriculture or in a trade or business. The Legislature could also increase the exempt amount above $50,000 according to changes in a national inflation index, such as the consumer price index.
Under current Arizona law, the first $50,000 of full cash value of a taxpayer's personal property is taxed based on a 1% assessment ratio. Assessment ratios on property range from 1% to 100%.
"Full cash value" refers to the market value of property unless a specific formula for valuing property for tax purposes is set out in law.
"Personal property" refers to property that is not part of real estate and includes such things as machinery, equipment and store fixtures.
Proposition 101 could affect the tax revenue and property tax rates of the state, counties, cities and towns, school districts, community college districts and other governmental entities that rely on property taxes, but the exemptions would not be automatic on passage of this proposition. The actual effect would depend on how the Legislature enacted the exemptions within the authority and limits of this proposition.
State of Arizona
|State executive officers||
Governor | Attorney General | Secretary of State | Treasurer | Superintendent of Public Instruction | Director of Insurance | Director of Agriculture | Commissioner of Lands | Director of Labor | Chairman of Corporation Commission | State Mine Inspector |