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.
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.