Legislature's Failure to Pass Budget May Bring Back Old Property Tax; Thanks Folks
If you're lucky enough to still own property in this economic climate, get ready to reach a little deeper into your wallet.
If the Arizona legislature doesn't have a budget deal by Monday, a state property tax that was suspended three years ago goes back on the books.
And the hits just keep on coming.
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The state equalization rate, as it is called, is expected to bring in more than $250 million a year, and would cost someone with a house worth about $200,000 roughly $70 more each year.
While legislators worked to have the tax permanently eliminated, the legislature's failure to reach a budget agreement will keep the bill from reaching the desk of Governor Brewer.
However, if the legislature can pass a budget when it reconvenes Monday, there is still a chance to save the bill.
Given the legislature's current budgetary track record, the Phoenix Coyotes are more likely to win the Stanley Cup before we see a budget deal.
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