Assigned to FIN AS VETOED
ARIZONA STATE SENATE
Fifty-Seventh Legislature, First Regular Session
VETOED
FACT SHEET FOR H.B. 2515
truth in taxation; bonds; notices
Purpose
Adds the tax rate and estimated cost associated with each proposed capital improvement
for a single-family home valued at $400,000 to the information required to be included in an
informational pamphlet for certain budget override and bond elections. Adds the estimated tax
impact of an increase in property taxes on a home valued at $400,000 to the information required
to be included in a statutorily required Truth in Taxation hearing notice of tax increase (TNT notice).
Background
By February 10 of the tax year, a county assessor must transmit and certify to the Property
Tax Oversight Commission and to the applicable governing entity the total net assessed values that
are required to compute the primary property tax levy limit. If the proposed primary or secondary
property tax levy, excluding amounts that are attributable to new construction, is greater than the
amount levied in the preceding tax year by the governing entity, the governing entity must publish
a TNT notice. The TNT notice must include information regarding the effective date of the increase
and the estimated tax impact of increased property taxes on homes valued at $100,000 (A.R.S.
§§ 15-1461.01; 42-17107; and 48-254).
Statute requires a school superintendent to prepare an informational pamphlet on any
proposed increase to the school district's budget for distribution among households residing in the
school district. If the proposed budget increase will result in a levy of property taxes or be funded
by revenue other than a levy of property taxes, the pamphlet must include information on the tax
rate and estimated cost of capital improvements of a home valued at $80,000 (A.R.S. § 15-481).
Class B bonds are general obligation bonds approved by a vote of the qualified electors of
a school district at an election. For a petition of a class B bond election in a school district, the
county school superintendent must prepare an informational pamphlet consisting of information
on the tax rate and estimated cost of capital improvements of a single family home valued at
$100,000 (A.R.S. §§ 15-101 and 15-491).
The informational pamphlet for a bond election within a political subdivision must contain
information on the estimated tax impact of debt service for the bond on an owner-occupied
residence valued by the county assessor at $250,000 and a commercial property valued by the
county assessor at $1,000,000 (A.R.S. § 35-454).
There is no anticipated fiscal impact to the state General Fund associated with this legislation.
Provisions
1. Requires the tax rate and estimated cost associated with each proposed capital improvement
for the owner of a single-family home valued at $100,000 and $400,000, rather than $80,000, FACT SHEET – Vetoed
H.B. 2515
Page 2
to be included in the informational pamphlet for a school district budget override election to
exceed district additional assistance.
2. Adds, to the information required to be included in an informational pamphlet regarding a
school district Class B bond election, the tax rate and estimated cost associated with each
proposed capital improvement for a single-family home valued at $400,000.
3. Adds, to the information required to be included in a school district's or community college
district's required TNT notice, the estimated tax impact of an increase in primary property taxes
on a home valued at $400,000.
4. Adds, to the information required to be included in a school district's equalization assistance
TNT notice, the estimated tax impact of an increase in property taxes on a home valued at
$400,000.
5. Adds, to the information required to be included in an informational pamphlet regarding a
political subdivision bond election, the estimated tax impact of bond debt service for an owner-
occupied residence valued at $400,000 and a commercial property valued at $2,000,000.
6. Adds, to the information required to be included in a ballot for a proposed general obligation
bond authorization, that the principal and interest on the general obligation bond will be paid
by a property tax on property located within the jurisdiction without limit as to rate or amount.
7. Adds, to the information required to be included in a city's, town's or county's required TNT
notice, the estimated tax impact of an increase in primary property taxes on a home valued at
$400,000.
8. Adds, to the information required to be included in a special taxing district's required TNT
notice, the estimated tax impact of an increase in secondary property taxes on a home valued
at $400,000.
9. Makes technical and conforming changes.
10. Becomes effective on the general effective date.
Governor's Veto Message
The Governor indicates in her veto message that election laws should not be changed based
on the expression of messaging with which we do not agree.
House Action Senate Action
WM 1/29/25 DPA 9-0-0-0 FIN 3/3/25 DP 4-3-0
3
rd
Read 2/11/25 32-23-2 3
rd
Read 4/10/25 18-11-1
Vetoed by the Governor on 4/18/25
Prepared by Senate Research
April 22, 2025
MG/AL/ci