AZ SB1473

Establishes a new state student funding formula (section 15-901.04) that school districts may elect to use if they meet eligibility requirements including having no active bond debt or four or fewer years remaining, and meeting specified support level ratio thresholds that decrease from 90% in FY2025-2026 to 50% in FY2029-2030 and beyond.

School districts using the state student funding formula receive base support level plus state additional assistance ($2,025.29 per student K-8, $2,360.44 per student grades 9-12) instead of the standard formula, but cannot use property tax overrides, bonds, or other alternative funding sources.

Allows school districts to adopt the new formula through governing board vote (if property tax rate stays same or decreases) or voter election (if property tax rate increases), and permits reversion to standard formula only through voter election.

Updates charter school financing to use the state student funding formula with state additional assistance amounts instead of the prior charter additional assistance amounts.

Modifies tax levy calculations for school districts using the new formula, including different qualifying tax rates ($1.9116 for high school districts and $3.8232 for unified districts in tax year 2024) and restrictions on additional property tax levies.