Prop 13 Arizona: Initiative to Control Property
Phoenix, AZ. – A new citizens’ initiative, Prop 13 Arizona, was filed to revamp the methodology used to calculate property taxes. Prop 13 Arizona will remove speculation from formulating valuations, cap the total amount of tax that can be levied and limit increases in valuation. Arizona property owners have been taxed on unrealized “gains” and speculative valuations that have resulted in year-to-year tax increases as high as 75%.
The initiative, modeled after California’s successful Proposition 13, will:
1: Set up simple rules for establishing initial property values by using the county assessor’s full cash value established in 2003, or the actual purchase price after December 31, 2003.
2: Place a 0.5% cap on residential property taxes
3: Place a 1% cap on all other real property taxes
4: Place a year-to-year 2% cap on any increase in property valuation
Prop 13 Arizona is gaining wide support in reaction to significant increases in property tax bills this year, coupled with a decline in the housing market that has placed Arizona at number seven in the top ten states for foreclosures.
The initiative was kept as close as possible to California’s Proposition 13, since it has survived constitutional challenges all the way to the US Supreme Court, where it was upheld in 1992.
Details of the Initiative are at www.Prop13Arizona.com.
Volunteers will be able to download petitions from the website or conveniently purchase petition packages,at any Kinko’s store in Arizona. Details will be posted on the website.
Lynne Weaver, Chairman
Howard Sprague, Vice Chairman
David Zacharias, Vice Chairman
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