Tax & Accounting Blog

Proposition 117 Enacted in Arizona

News, ONESOURCE, ONESOURCE Property Tax May 7, 2013

Effective beginning with tax year 2015, Proposition 117 limits the value of real property and improvements to either the full cash value or an amount 5% greater than the prior year’s property value, whichever is lower. “Limited property value” is now defined as the limited property value of the property in the preceding valuation year plus 5%.

Prop 117 also requires the county assessor to apply the percentage to the full cash value or the limited property value of property to show the assessed value.

For more information, see this bulletin sent out by Maricopa County Assessor Keith Russell: http://mcassessor.maricopa.gov/assessor/pdf/prop117info.pdf