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REFERENCE TITLE: property tax assessment; class two |
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State of Arizona Senate Fiftieth Legislature First Regular Session 2011
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SB 1321 |
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Introduced by Senators Griffin, Pierce S, Shooter; Representative Judd: Senators Allen, Antenori, Gould, Gray, Melvin
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AN ACT
amending section 42-15002, Arizona Revised Statutes; relating to property tax assessments.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 42-15002, Arizona Revised Statutes, is amended to read:
42-15002. Assessed valuation of class two property
The following percentages apply to the full cash value or limited valuation, as applicable, as a basis for determining the assessed valuation of class two property described in section 42-12002:
1. Class two (R):
(a) Sixteen per cent through December 31, 2012.
(b) Fifteen per cent from and after December 31, 2012 through December 31, 2014.
(c) Fourteen per cent from and after December 31, 2014.
2. Class two (P):
(a) Through December 31, 2012, sixteen per cent of the value exceeding the maximum amount of valuation of personal property that is exempt from taxation pursuant to section 42-11127.
(b) From and after December 31, 2012 through December 31, 2014, fifteen per cent of the value exceeding the maximum amount of valuation of personal property that is exempt from taxation pursuant to section 42-11127.
(c) From and after December 31, 2014, fourteen per cent of the value exceeding the maximum amount of valuation of personal property that is exempt from taxation pursuant to section 42-11127.