AZ SB1383

Changes the title of Arizona Revised Statutes Title 48, Chapter 1, Article 3 from "Compromise of District Taxes" to "District Taxes"

Limits annual increases in ad valorem tax levies by special taxing districts to no more than 2 percent greater than the amount levied in the preceding tax year, beginning in tax year 2014

Exempts from the 2 percent cap any ad valorem taxes or special assessments levied to pay principal, interest, and redemption charges on bonded indebtedness or long-term obligations issued before January 1, 2014

Allows district voters to authorize tax increases exceeding the 2 percent limit by special election held no later than the third Tuesday in May, requiring approval by at least two-thirds of voting electors

Applies the tax levy limit to property improvement assessment districts, improvement districts, and other special taxing districts that levy assessments or taxes based on property assessed valuation