SCR1003: Property Tax Limits; Value IncreasesThe 2008 general election ballot is to carry the question of whether to amend Article IX of the state constitution to limit the maximum aggregate amounts of all state and local property taxes to 0.5% of the value on residential property (owner-occupied, rental property and mobile homes), and to 1% of the value on any other real property. Beginning in tax year 2009, the baseline full cash value of real property is the valuation on the 2003 tax bill or, if the property was not on the tax roll in 2003, on the actual purchase price. After 2009, the full cash value of real property cannot increase more than 2% over the previous year. For residents 65 or older whose income is less than 400% of the federal supplemental security income benefit rate (or 500% if the property is owned by two people), a “property valuation protection option” is created which fixes the full cash value of the property at the amount in effect during the year the option is approved by the county assessor.  To read this bill in its entirety, please visit: http://www.azleg.gov/legtext/48leg/2r/bills/scr1003p.pdf