Proposal would tighten Arizona property tax limitsPosted: Updated:
PHOENIX (AP) -- Anti-tax activists on Friday filed an application for a 2010 ballot measure to impose new limits on Arizona property taxes.
The so-called "Prop 13 Arizona" proposal is modeled on a voter-approved California law. It would limit valuation increases to 2 percent per year and cap total property taxes for residential property at one-half of 1 percent of valuation -- half the current limit.
It also would roll back valuations to 2003 levels except that property sold after 2003 would be valued at the purchase price.
Supporters need to collect 230,000 voter signatures by July 1, 2010, to qualify the measure for the November 2010 ballot. A similar proposal did not qualify for the 2008 ballot.
(Copyright 2009 by The Associated Press. All Rights Reserved.)