AZ SCR1055

Proposes a constitutional amendment rolling back property tax levies and limiting future increases to 2% annually plus adjustments for new property growth, except where voter approval is obtained.

Establishes a 2011 baseline levy limit based on either the average of 2005-2008 levies or the 2005 actual levy, with specific exceptions for taxing entities that engaged in certain tax increases or took on new indebtedness without voter approval between August 15, 2009 and 2010.

Requires a two-thirds vote of qualified electors in November elections to approve any property tax levies exceeding the 2% limit or to establish initial levies for entities that did not levy taxes in the prior year.

Allows taxpayers representing 10% of qualified electors to petition to reduce a taxing entity's levy limitation by up to 20% annually through a majority vote process.

Provides enforcement mechanisms including 16% simple interest refunds with costs and attorneys' fees for prevailing plaintiffs in superior court actions, and automatic reduction of a taxing entity's levy limit to the maximum permissible amount for noncompliance.