The Chamber applauds lawmakers at the state capitol for passing two bills that help Arizona remain competitive on business, personal, and real property tax fronts. HB 2822, spearheaded by Rep. Jeff Weninger was passed and signed into law by Governor Ducey on March 30th. The bill prospectively sets the valuation factor for specific personal property at 2.5%. This uniform rate ensures certainty and simplicity for businesses moving forward.
Also passed by the Legislature earlier this week was SB 1093, sponsored by Senator J.D Mesnard. This bill continues last year’s momentum reducing the business property tax valuation assessment. After full implementation, the assessment for businesses will fall from last year’s 18% rate down to 15% in 2027. This is a significant measure for businesses that will allow more investment into capital projects or other areas of their business operations.