A group espousing California-style property tax limits has renewed its drive, filing another citizen initiative after failing to qualify for last year’s ballot.
Prop 13 Arizona wants to cap residential property taxes to half a percent of its value and limit all other types of property taxes to one percent of their value.
The initiative filed with the Secretary of State today would also limit property valuation increases to two percent annually and eliminate all exceptions to the tax caps.
Just like last year’s initiative, the group is using 2003 property values as the baseline for those who purchased their properties before 2004.
The group needs 259,213 valid signatures by July 5 next year to qualify for the 2012 general election.
In seeking to overhaul Arizona’s property tax system, the group is inspired by Proposition 13, the California measure that received the approval of 65 percent of voters in 1978.
In an earlier interview, Lynne Weaver, the leader of the group, complained that under the state’s property tax system, a homeowner’s tax bill is determined by the actions of his or her neighbors. Limiting tax growth in a way that is similar to California’s would save people from being taxed out of their homes, she said.
But critics said the initiative is too drastic, and if it prevailed, it would unravel governments’ finances.