HCR 2015 Summary

• Amends Arizona Constitution Article IX, Section 19 to limit annual increases in ad valorem taxes levied by counties, cities, towns, and community college districts to 2 percent above the preceding year's levy.

• Requires voter approval for any ad valorem tax increase exceeding 1 percent above the prior year's levy, and requires voter approval if any tax increase occurs in three consecutive years.

• Adds new constitutional section 19.1 requiring counties, cities, and towns to distinctly state the amount and specific purpose of any new or increased transaction privilege, sales, or excise taxes and submit them to voter approval.

• Mandates that revenues from new or increased excise taxes be placed in a separate fund dedicated solely to their stated purpose, with any surplus revenues redirected to reduce the primary property tax levy in the following year.

• Applies retroactively to December 31, 2016, upon voter approval and gubernatorial proclamation.