Vote Smart's Synopsis:

Vote to pass a bill that eliminates the state property tax and makes various other changes to the Arizona tax code.

Highlights:

-Repeals all references to the 'state equalization assistance property tax' in the Arizona tax code (Sec. 8). -Establishes the Department of Revenue Administrative Fund, for the purpose of collecting money from unclaimed property, to be used to cover the department's administrative expenses (Sec. 11). -Reduces the amount of time it takes for various types of property, including wages, stocks and interests, and fees owed by insurance companies, to be officially considered 'abandoned' (Sec. 15). -Establishes new regulations for auditing districts that own multipurpose facilities, and requires that the auditor's findings be made public (Sec. 23). -Establishes a date of December 31, 2008 for the retroactive application of the bill's elimination of property taxes (Sec. 42).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that eliminates the state property tax and makes various other changes to the Arizona tax code.

Highlights:

-Repeals all references to the 'state equalization assistance property tax' in the Arizona tax code (Sec. 8). -Establishes the Department of Revenue Administrative Fund, for the purpose of collecting money from unclaimed property, to be used to cover the department's administrative expenses (Sec. 11). -Reduces the amount of time it takes for various types of property, including wages, stocks and interests, and fees owed by insurance companies, to be officially considered 'abandoned' (Sec. 15). -Establishes new regulations for auditing districts that own multipurpose facilities, and requires that the auditor's findings be made public (Sec. 23). -Establishes a date of December 31, 2008 for the retroactive application of the bill's elimination of property taxes (Sec. 42).

Full Bill Text