https://apps.azleg.gov/BillStatus/BillOverview/76142
SB1828 made several changes to the tax code, of which ATRAs principal interest was in the reduction of the property tax assessment ratio for class one (business) property. The bill lowers the ratio by one-half percent each year over four years starting in FY 2023, going from 18% to 16%. The homeowner rebate is increased from 47.19% to 50% in FY 2023. To offset potential revenue losses to fire districts, the bill increases the district's maximum tax rate from $3.25 to $3.375 in FY 2023 and to $3.50 in FY 2024.
The omnibus makes considerable changes to the individual income tax system. The four marginal tax rate brackets with a top rate of 4.5% are consolidated to two brackets at 2.55% and 2.98% in FY 2023. Revenue triggers lead to further rate reductions in subsequent years and if general fund revenues are greater than $12.98 billion, a flat tax of 2.5% is adopted in the next year. Urban revenue sharing for municipalities is increased from 15% of collections to 18% in FY 2024.