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ARIZONA HOUSE OF REPRESENTATIVESFifty-seventh Legislature First Regular Session |
House: WM DPA 9-0-0-0 | 3rd Read DP 35-23-2-0-0 |
HB 2515: truth in taxation; bonds; notices
Sponsor: Representative Olson, LD 10
House Engrossed
Overview
Increases the home value used in informational pamphlets for override and class B bond elections to $400,000, the valuation for owner-occupied residence and commercial value used in bond elections to $400,000 and $1,500,000 respectively and makes corresponding changes to Truth in Taxation notices.
History
Currently for override elections the county school superintendent is required to include information regarding the tax rate associated with the proposed capital improvements and the estimated cost for owners of single family homes valued at $80,000 in an informational pamphlet which would be distributed to qualified electors within the schools district (A.R.S. § 15-481).
Currently for class B bond elections the county superintendent is required to include information regarding the tax rate associated with the proposed capital improvements and the estimated cost for owners of single family homes valued at $100,000 in an informational pamphlet which would be distributed to qualified electors within the school district (A.R.S. § 15-491).
Currently for bond elections a governing body or board of a political subdivision is required to mail an informational pamphlet to registered voters within political subdivision containing the estimated tax impact over the term of bonds on an owner-occupied residence valued at $250,000 and on commercial property valued at $1,000,000 (A.R.S. § 35-454).
Currently Truth in Taxation notices use a home value of $100,000 to show the property tax in a school district with or without the proposed property tax increases (A.R.S. § 15-905.01).
Provisions
1. Changes the home value used for informational pamphlets regarding override elections from $80,000 to $100,000 and $400,000. (Sec. 1)
2. Adds the home value $400,000 for class B bond election informational pamphlets. (Sec. 2)
3. Amends truth in taxation notices, to use the home values of $100,000 and $400,000. (Sec. 3, 6. 7 and 8)
4. Amends to include the home value $400,000 for computing a tax increase. (Sec. 6)
5. Adds the owner-occupied residence value $400,000 for use in bond election informational pamphlets. (Sec. 5)
6. Adds the commercial value $2,000,000 for use in informational pamphlets regarding bond elections. (Sec. 5)
7. Specifies that the phrase contained on a ballot must be in boldface type. (Sec. 5)
8. Adds to the phrase contained on the ballot specifying that the bonds will be paid through a tax on all taxable property located within a district or jurisdiction and that the bonds are payable without limits to the rate or amount. (Sec. 5)
9. Makes technical changes. (Sec. 1 and 5)
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13. HB 2515
14. Initials VP/DD Page 0 Caucus & COW
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