PHOENIX — The NFIB and some small business owners are urging Arizona lawmakers to support Senate bill 1263 and Senate bill 1276 — two bills designed to provide property tax relief for job creators across the Valley.
SB1263 would eliminate the property tax exemption cap and allow the Arizona Department of Revenue (ADOR) to provide more relief for business owners in the desert, according to the National Federation of Independent Business advocacy group.
The second bill — SB1276 — would alter the depreciation schedule for properties acquired before 2022 and accelerate commercial property assessment reductions.
Should the bills, both sponsored by J.D. Mesnard (R-Chandler) pass, the depreciation value of properties acquired before 2022 will be accelerated to 15% in 2025.
The second reading of both bills was held on Jan. 31 and will be moved to a committee hearing before a third reading can occur. If the bills pass, they will be sent to the House of Representatives for further consideration.
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