AZ SB1321

Amends Arizona Revised Statutes Section 42-15002 to establish a three-year reduction schedule for Class Two property tax assessment rates.

Reduces Class Two (R) residential property assessment rates from 16% to 15% effective January 1, 2013, and further to 14% effective January 1, 2015.

Reduces Class Two (P) personal property assessment rates from 16% to 15% effective January 1, 2013, and further to 14% effective January 1, 2015, applied to value exceeding the maximum exempt amount under Section 42-11127.

Maintains the 16% assessment rate for both Class Two (R) and Class Two (P) property through December 31, 2012 before the scheduled reductions take effect.