AZ HCR2056

Proposes amendment to Arizona Constitution Article IX, Section 2 regarding property tax exemptions for personal property used in agriculture or business.

Changes legislature's authority from discretionary ("may exempt") to mandatory ("shall") to provide annual increases to the $50,000 personal property exemption threshold.

Requires legislature to provide full exemption of such personal property from taxation no later than 2014.

Removes language requiring increases based on "annual variations in a designated national inflation index" and replaces with directive for full exemption by 2014.

Directs Arizona Secretary of State to submit this constitutional amendment to voters at the next general election.