A coalition headed by an influential fiscal policy think tank submitted paperwork today to launch a campaign in support of a ballot measure that caps the growth of property values in Arizona.
The campaign, called “Yes on 117,” is headed by Kevin McCarthy, who is president of the Arizona Tax Research Association.
The campaign group’s treasurer is Bas Aja, a lobbyist for the Arizona Cattlemen’s Association.
The campaign seeks the passage of Proposition 117, which, if approved by voters in November, would limit the growth in property values for tax purposes by no more than 5 percent each year.
McCarthy said the cap will provide for more stability, since it would disallow stock-market-like dips and surges in property valuations that follow bubble growths or bursts in the housing market.
So far, there is no organized opposition to the ballot measure.