https://apps.azleg.gov/BillStatus/BillOverview/76386
Following last year's tax package that reduced the assessment ratio on class 1 (business) property to 16% through 2025, SB1093 further reduces the assessment ratio in half-percent increments to 15% by Tax Year (TY) 2027. SB1093 also increases the homeowner rebate but frontloads the offset to homeowners beginning in TY 2022 from the current 47.19% to 50%. Additional tax relief was provided to all property taxpayers by reducing the state equalization tax rate (SETR) incrementally over six years; however, the SETR was entirely eliminated under subsequently passed legislation (HB2866, Chapter 317). Lastly, the measure granted Arizona's fire districts tax capacity by increasing the current $3.25 tax rate cap to $3.375 in TY 2022, $30.50 in TY 2023, and $3.75 in TY 2024.