Phoenix Business Journal
Friday, March 2, 2018
The Arizona House of Representatives approved 58-0 a bill adding some new reforms to property tax breaks that cities offer to developers and businesses.
House Bill 2126 ended up being a compromise measure between fiscal conservatives, real estate groups and cities over Government Property Lease Excise Taxes. or GPLETs.
GPLETs involve city governments owning land but leasing it to private developers and businesses who then pay lower property taxes than if they owned it outright.