REFERENCE TITLE: property tax exemption; virtual currency

State of Arizona

Senate

Fifty-sixth Legislature

Second Regular Session

2024

SCR 1010

Introduced by

Senators Rogers: Kern, Wadsack;  Representative Gillette

A Concurrent Resolution

proposing an amendment to the Constitution of Arizona; amending article IX, section 2, Constitution of Arizona; relating to property tax exemptions.

(TEXT OF BILL BEGINS ON NEXT PAGE)

Be it resolved by the Senate of the State of Arizona, the House of Representatives concurring:

1. Article IX, section 2, Constitution of Arizona, is proposed to be amended as follows if approved by the voters and on proclamation of the Governor:

START_STATUTE2. Property subject to taxation; exemptions

Section 2. A. All property in this state that is not exempt under the laws of the United States or under this section is subject to taxation as provided by law.

B. Property that has been conveyed to evade taxation is not exempt.

C. The following property is exempt from taxation:

1. All federal, state, county and municipal property.

2. Public debts, as evidenced by the bonds of this state and its counties, municipalities and other political subdivisions.

3. Household goods that are owned by the user of the goods and that are used solely for noncommercial purposes.

4. Stocks of raw or finished materials, unassembled parts, works in process or finished products constituting the inventory of a retailer or wholesaler that is located in this state and principally engaged in the resale of the materials, parts, works or products, whether or not for resale to the ultimate consumer.

5. Virtual currency. For the purposes of this paragraph, "virtual currency" means a digital representation of value that functions as A medium of exchange, a unit of account and a store of value other than a representation of the United States dollar or a foreign currency.

D. Subsection C of this section is self-executing, and persons who are entitled to the exemption are not required to take any affirmative action to receive the benefit of the exemption.

E. The legislature may exempt the following property by law:

1. The property of an educational, charitable or religious association or institution that is not used or held for profit.

2. Personal property that is used in a trade or business or for agricultural purposes.

3. Cemeteries that are set apart and used to inter deceased human beings.

4. The property of a widow or widower who is a resident of this state.

5. The property of a resident of this state who is at least eighteen years of age and who has a medically certified total and permanent disability.

6. The property of an honorably discharged veteran of the uniformed services of the United States who is a resident of this state and who has a service or nonservice connected disability as determined by the United States department of veterans affairs, or its successor agency.

F. The legislature may determine by law the qualifications for, and the amount of, the exemptions of property described in subsection E of this section.

G. A person is not eligible for exemption under more than one category as a widow, widower, person with a total and permanent disability or veteran with a disability under subsection E, paragraph 4, 5 or 6 of this section. END_STATUTE

2. The Secretary of State shall submit this proposition to the voters at the next general election as provided by article XXI, Constitution of Arizona.