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What's Going On?
Arizona House passes compromise changes to GPLET property tax breaks
The Arizona House of Representatives voted 50 to 9 Wednesday approving compromised changes to property tax breaks used by cities for big developments and jobs projects.
The House approved an amended version of House Bill 2213 dealing with Government Property Lease Excise Taxes.
Those involve a city government owning land and then leasing to a private real estate developer or business for a project. That then gives the developer lower property tax rates than if it owned the land outright.
The House-approved bill looks to limit the GPLET property tax breaks going forward to eight years. It does grandfather in some existing GPLET deals between cities, developers and businesses.