AZ HB2339

Amends Arizona Revised Statutes sections 42-15001 and 42-15002 to reduce assessed valuation percentages for class one and class two property.

Class one property assessed valuation reduced incrementally from 20% through December 31, 2011 to 15% beginning January 1, 2016, with intermediate reductions in 2012-2015.

Class two (R) residential property assessed valuation reduced from 16% through December 31, 2011 to 14% beginning January 1, 2015, with step-down reductions of one-half percent annually.

Class two (P) personal property assessed valuation follows same schedule as class two (R), reducing from 16% through December 31, 2011 to 14% beginning January 1, 2015.

Changes implement phased reductions in property tax assessed valuations over a four-year period from 2012-2015.