ARIZONA HOUSE OF REPRESENTATIVES Fifty-sixth Legislature Second Regular Session
	Senate: FICO DP 4-2-1 | 3^rd Read 16-10-4-0

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SB 1495: personal property exemption; increase

Sponsor: Senator Mesnard, LD 13

Committee on Ways & Means

Overview

Increases the business personal property tax exemption to $500,000.

History

The Legislature may determine by law the qualifications and exemption amounts for property (Ariz. Const. art. 9 § 2).

The following personal properties are given a $207,366 business personal property tax exemption:

1) properties used for agricultural purposes;

2) properties primarily used for agricultural purposes to produce trees other than standing timber, vines, rosebushes, ornamental plants or horticultural crops, regardless of whether the crop is grown in containers, soil or any other medium;

3) shopping centers;

4) golf courses;

5) manufacturers, assemblers or fabricators;

6) properties used in communications transmission facilities and that provides public telephone or telecommunications exchange or interexchange access for compensation to effect two-way communication to, from, through or within Arizona; and

7) properties devoted to any other commercial or industrial use, other than properties specifically included in other classifications (A.R.S. §§ 42-11127, 42-12001, 42-12002).

Provisions

1. Increases the business personal property tax exemption to $500,000. (Sec. 1)

2. Becomes effective on January 1, 2025. (Sec. 2)

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6.                   SB 1495

7. Initials VP/MG    Page 0 Ways & Means

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