A PROPOSITION

No. 106.

Introduced by Mr. Wells of Yavapai County.

A Proposition Relative to Finance and Taxation.

IT IS HEREBY PROPOSED:

Section 1. All property in the State, not exempt under the laws of the United States, or under this Constitution, shall be taxed in proportion to its value, to be ascertained as provided by law. The legislature shall provide by law for an annual tax sufficient, with other sources of revenue, to defray the estimated ordinary expense of the State for each fiscal year. And for the purpose of paying the State debt, if there be any, the legislature shall provide for levying a tax annually, sufficient to pay the annual interest and principal of such debt within twenty-five years from the final passage of the law creating the debt.

Section 2. The legislature shall provide by law a uniform and equal rate of assessment and taxation on all property in the State, according to its value in money, and shall prescribe such regulations by general law as shall secure a just valuation for taxation of all property, so that every person and corporation shall pay a tax in proportion to the value of his, her or its property; PROVIDED, that a deduction of debts from credits may be authorized; PROVIDED FURTHER, that the property of the United States, and of the State, counties, school districts and other municipal corporations, and such other property as the legislature may by general laws provide, shall be exempt from taxation.

Section 3. The legislature shall provide by general law for the assessment and levying of taxes on all corporation property as near as may be by the same methods as are provided for the assessing and levying of taxes on individual property.

Section 4. The power to tax corporations and corporate property shall not be surrendered or suspended by any contract or grant to which the state shall be a party.

Section 5. No tax shall be levied except in pursuance of law; and every law imposing a tax shall state distinctly the object of the same, to which only it shall be applied.

Section 6. All taxes levied and collected for State purposes shall be paid in money only into the State treasury.

Sec. 7. An accurate statement of the receipts and expenditures of the public moneys shall be published annually, in such manner as the legislature may provide.

Section 8. Whenever the expenses of any fiscal year shall exceed the income, the legislature may provide for levying a tax for the ensuing fiscal year, sufficient, with other sources of income, to pay the deficiency, as well as the estimated expenses of the ensuing fiscal year.

Section 9. The legislature may vest the corporate authorities of cities, towns and villages with the power to make local improvements by special assessment, or by special taxation of property benefited. For all corporate purposes, all municipal corporations may be vested with authority to assess and collect taxes, and such taxes shall be uniform in respect to persons and property within the jurisdiction of the body levying the same.

Section 10. The legislature may borrow money to repel invasion, suppress insurrection, or defend the State in time of war; but the money thus raised shall be applied exclusively to the object for which the loan was authorized, or the repayment of the debt thereby created.

Section 11. No money shall be paid out of the treasury, except in the manner provided by law.

Section 12. The credit of the State shall not in any manner, be given or loaned to, or in aid of, any individual, association, company or corporation.

Section 13. No county, city, town, school district or other municipal corporation shall for any purpose become indebted in any manner to an amount, including present indebtedness, exceeding four per centum of the taxable property in such county, city, town, school district or other municipal corporation, without the assent of two-thirds of the voters therein voting at an election to be held for that purpose provided by law, the value of the assessable property therein, to be ascertained by the last assessment for state and county purposes previous to incurring such indebtedness; except, that in incorporated cities the assessment shall be taken from the last assessment for city purposes: PROVIDED, that any city or town with such assent may be allowed to become indebted to a large amount, but not exceeding five per centum additional, for supplying such city or town with water, artificial light and sewers when the works for supplying such water, light and sewers shall be owned and controlled by the municipality.

Section 14. Every law which imposes, continues or revives a tax shall distinctly state the tax, and the objects to which it is to be applied; and it shall not be sufficient to refer to any other law to fix such tax on object.

• Proposition Number 106 - Finance and Taxation (introduced on 1910-10-26 09:00:00 - CREATE - e935225) [This document] [view current proposal at this moment]
  • None (introduced on 1910-10-26 09:00:00 - REPORT_PROPOSAL - e935227) [view current proposal at this moment]