November 17, 2024 5:18 pm
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Arizona House passes compromise changes to GPLET property tax breaks

By Mike Sunnucks | Phoenix Business Journal

The Arizona House of Representatives voted 50 to 8 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 2231 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.

Continued:

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.