The budget approved June 4 includes an policy item that would switch the property tax assessment ratio for businesses from 20 percent to 10 percent on new bonds and school funding overrides. This would equate business property with existing homeowner property tax rates. It would require homeowners to pay more in taxes, if  local governments seek to raise the same amount of money.
The new deal would slow that change down, by gradually reducing the business property tax assessment to 15 percent over 5 years, starting in 2012
But Michael Rossi, lobbyist for Marana and Pima County Community College, just testified that change would now apply to existing bonds and school overrides, not just those that come along in the future.
“That’s a massive property tax shift and a massive property tax increase on homeowners,” Rossi said.

Posted in: Schools • Uncategorized • State budget countdown |

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