This bill proposes to amend the Arizona Revised Statutes by adding a new section that establishes a framework for creating residential property tax reduction funds associated with property value reducing renewable energy facilities. Under the new provisions, once zoning elements for such facilities are approved, the county board of supervisors must create a fund for each facility, which will be administered by the county treasurer. The treasurer is responsible for distributing a portion of property tax revenues collected from eligible residential properties within a specified distance of the facility to reduce their property taxes.

The bill outlines specific procedures for the management and distribution of these funds, including the annual deposit of tax revenues, allowable administrative costs, and various methods for distributing remaining funds to eligible property owners. It also sets limits on the amount that can be distributed to individual property owners and prohibits the commingling of funds with the county general fund. Definitions for key terms such as "eligible distance," "eligible residential property," and "property value reducing renewable energy facility" are also provided to clarify the scope of the bill.

Statutes affected:
Introduced Version: 11-269.31