Bill > HB2384

This bill modifies Arizona law regarding school district property and lease agreements, primarily by establishing new time limits for leases and requiring voter approval for longer lease terms, with specific provisions for leases up to ten years without voter approval and up to ninety-nine years with it. It also clarifies that school buildings and grounds leased by a school district must be located within the district's geographic boundaries, and it introduces reporting requirements for school districts regarding their real estate holdings, including details on leases and whether property is located outside district boundaries. Additionally, the bill adjusts tax exemption rules for property leased from school districts, ensuring exemptions only apply if the property is used for educational purposes, and it clarifies that affordable housing projects cannot be exempt from property taxes if the property is leased from a school district. Finally, it includes provisions for existing leases executed before January 1, 2026, allowing for tax exemptions on improvements built on leased school land if those improvements become the property of the school district upon lease termination.

Budget and Finance, Education

https://apps.azleg.gov/BillStatus/BillOverview/84140