AZ HB2480

Increases the maximum annual additional state aid for education per county from $1 million to $1.5 million beginning in fiscal year 2016-2017.

Transfers responsibility for calculating violations of Arizona Constitution Article IX, Section 18 from the Property Tax Oversight Commission to the Joint Legislative Budget Committee.

Requires the Joint Legislative Budget Committee to compute proportional responsibility among taxing jurisdictions and determine how much each jurisdiction must transfer to affected school districts to compensate for reduced state aid funding.

Establishes threshold primary property tax rates for various taxing jurisdictions (counties, community colleges, cities, towns, and school districts) to determine which jurisdictions bear responsibility for tax cap violations.

Requires taxing jurisdictions to transfer computed amounts to school districts by January 31 each fiscal year, with enforcement through withholding of transaction privilege tax revenues by the State Treasurer if transfers are not made.