The proposed bill would amend current statutes by adding a new section to Title 11, Chapter 2, Article 4 of the Arizona Revised Statutes, specifically addressing the establishment of residential property tax reduction funds for renewable energy facilities. Under the new provisions, county boards of supervisors (BOS) would be required to create a fund for each property value reducing renewable energy facility upon the approval of zoning elements. The county treasurer would be responsible for administering these funds, which would include distributing tax revenues collected from eligible residential properties located within a specified distance of the renewable energy facility.

Key updates include the requirement for the county treasurer to deposit a portion of property tax revenues into the fund, with specific calculations for the amount based on the assessed values of the properties before and after the facility's construction. The bill outlines various methods for distributing the remaining funds to eligible property owners, mandates that the distribution method be consistently applied across all funds in the county, and prohibits the misuse of fund monies. Definitions for terms such as "eligible distance" and "property value reducing renewable energy facility" are also included to clarify the scope of the new regulations.

Statutes affected:
Introduced Version: 11-269.31