Sunday, June 29, 2008

Arizona homeowners could avoid tax increase

Arizona homeowners could avoid tax increase
Reported by: Katrina Wessman
Last Update: 3/27/08 2:03 pm

The Arizona House passed a bill on Tuesday that would permanently repeals the statewide property tax on Tuesday.

The bill would help ensure homeowners in the state avoid a $250 million tax increase.

The Legislature previously suspended the property tax for three years.

The tax will reappear if there is no action taken this year.

"While this bill helps our struggling economy by eliminating the tax on businesses, it is also for the small guy - by keeping Arizona families in their homes," said House Speaker Jim Weiers. "I do not want to see our homeowners burdened by this massive tax increase."

“Without action, property owners will see the tax return in January. At a time when foreclosures in Arizona are skyrocketing, this bill brings a little relief,” Weiers said.

Gov. Janet Napolitano and other opponents call the move ill-advised and ill-timed when the state has big budget problems.

The bill now goes to the Senate.


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