Bill > HB2915

This bill establishes a "residential property tax reduction fund" in Arizona counties where a "property value reducing renewable energy facility" is located, which is defined as a wind or solar electric generating facility with a capacity of 100 megawatts or more that has not received all its zoning approvals before the bill's effective date and does not solely produce power for its own use, excluding rooftop solar systems. After zoning approval for such a facility, the county treasurer will administer a fund for it, collecting 50% of the reduction in property taxes resulting from the facility's construction, meaning the difference between the property's assessed value before and after the facility is built. These collected funds, after deducting up to 10% for administrative costs, will be distributed to eligible residential property owners within a defined "eligible distance" from the facility, which is determined by local zoning regulations. The bill outlines five methods for distributing these funds, including equal distribution, proportional distribution based on assessed value or acreage, a fixed amount, or another equitable method, all to be approved by the board of supervisors. The amount distributed to any single property owner cannot exceed their total property tax liability, with any excess being redistributed to other eligible properties. The bill strictly prohibits county treasurers and boards of supervisors from diverting these funds for any purpose other than the intended property tax reduction.

Agriculture and Natural Resources, Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/84818