A concurrent resolution proposing an amendment to the constitution of Arizona; amending Article ix, Section 18, constitution of Arizona; relating to property tax assessed valuation.
A "yes" vote shall have the effect of setting a limit on the annual percentage increase in property values used to determine property taxes to no more than 5% above the previous year, and establishes a single limited property value as the basis for determining all property taxes on real property, beginning in 2014.
A "no" vote shall have the effect of keeping current constitutional law related to calculating property values and taxes.
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