A Republican-backed bill seeks to lower property taxes for Arizona businesses.
State Sen. J.D. Mesnard (R-Mesa) is proposing dropping the business assessment ratio from 18% to 17%, with the eventual goal of lowering it to 15%.
The effect of this would usually shift the burden onto homeowners, resulting in a higher tax rate for them. However, Mesnard wants to lower homeowner property taxes and have the state pick up the difference.
While the state would have less cash in the end, Mesnard says this proposal would attract new companies.
The bill, SB 1108, now goes to the full senate.
