AZ SCR1058

Proposes constitutional amendment to limit annual ad valorem tax increases by school districts and special taxing districts to no more than 2% per year beginning in 2013.

Exempts bonded debt and long-term obligations issued before January 1, 2013 from the 2% cap.

Allows districts to exceed the limit for a single tax year if approved by two-thirds voter majority in an election held at least 90 days before tax levying.

Requires the tax limitation to increase annually to the maximum permissible limit regardless of whether the district actually levies taxes at that amount, and adjusts for property that becomes taxable or non-taxable.

Directs the legislature to enact implementing legislation and defines "district" to include school districts (except community college districts) and special purpose taxing districts that levy assessments based on property value.