HB 2348 Summary

• Amends Arizona Revised Statutes Section 42-6011 to restrict municipal taxation of residential rental properties.

• Requires cities and towns to obtain voter approval before imposing or increasing any tax on renting or leasing real property for residential purposes.

• Caps the rate of tax on residential rentals at no more than five percent.

• Mandates that cities and towns send written notice by first class mail to all residential rental property tax licensees and properties at least 60 days before any new or increased tax takes effect.

• Exempts health care facilities, long-term care facilities, and hotel or transient lodging businesses from these requirements.