ARIZONA HOUSE OF REPRESENTATIVES

Fifty-seventh Legislature

First Regular Session

Senate: FIN DP 6-0-1-0: 3rd Read 28-0-2-0

House: WM DP 7-0-0-2: 3rd Read 52-5-3-0

Chapter: 16

☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☒ Fiscal Note

SB 1122: property tax exemptions; inflation adjustment

Sponsor: Senator Mesnard, LD 13

Signed by the Governor

Overview

Changes the inflation index used to annually calculate the maximum assessed property value for widows, widowers, persons with a total and permanent disability and disable veterans to qualify for a property tax exemption.

History

Currently the average annual percentage increase, if any, in the Gross Domestic Product (GDP) Price Deflator in the two most recent complete state fiscal years is used for the annual calculation of the assessed property value limit. (A.R.S. § 42-11111)

Provisions

1.   Requires the Department of Revenue, beginning in Tax Year 2026, to increase the total assessment limit amount based on the average annual percentage increase, if any, in the Federal House Price Index for the two most recent complete state fiscal years. (Sec. 1)

2.   Defines Federal House Price Index. (Sec. 1)

3.   Makes conforming changes. (Sec. 1)

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7.                     SB 1122

8.   Initials VP           Page 0 Signed

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