Kevin McCarthy, President of the Arizona Tax Research Association, said his rough estimate is that the initiative proposed by Prop 13 Arizona will cut real property taxes by half.
"Obviously, it would have huge impact on our state and local public finance system," he said. McCarthy said he is sympathetic to the initiative's organizers. "I think it would be wise for the state legislature and the governor to also take notice that there is considerable unrest out there with property taxpayers," he said.
But he said the initiative goes further than the problem warrants. He said one problem is that the initiative does not appear to address outstanding obligations that
local governments are mandated to pay.
Another big question is what to do with the existing property tax system, which allows local governments to establish tax rates within limitations, he said.