consider these property tax increases benefiting schools
Recent K-12 funding increases from property taxes make $3 billion sales tax hike unnecessary
While the Yes on Prop 100 campaign tells us Arizona schools will be "decimated" if this $3 Billion tax hike is rejected by voters, our property tax bills paint a different picture.
Most schools received a 10% increase in Maintenance and Operating (M&O) funding from higher 2009 primary property taxes.
Almost everyone's Limited Property Value increased 10% even though Full Cash Value declined significantly. Unless school districts reduced their tax rate, they received a 10% M&O funding increase. Please take a minute to look at your 2009 property tax statement for the specifics of your tax increase.
Special elections for 15% school overrides
In March special elections were held so schools could add an additional 15% override to their M&O funding. Overrides are part of secondary property taxes and are calculated on Full Cash Value.
The State Equalization Tax was added to our property tax bills
After a 3 year hiatus, permanent repeal of the State Equalization Tax was passed by the legislature but vetoed by Governor Brewer. This added $250 million to our property tax bills, all of which goes to K-12 education. It represents the largest tax hike in the history of Arizona.
Where did all the money go?
With 10% more in M&O funding from primary taxes, a 15% override from secondary taxes, and $250 million from the State Equalization Fund how could the schools need more money? Should struggling families and businesses be saddled with another major tax increase?
We need to find out where all the money is going before we raise taxes, worsen the recession, and further depress much needed economic growth.