budget

Peoria to lose millions in ongoing revenue after rental tax repeal

Tax represents 4.1% of all city transaction privilege tax collections

The city of Peoria will lose about $5.1 million in sales tax revenue after the state passed a law banning such taxes for rental properties.

Gov. Katie Hobbs on Aug. 2 signed a bill to eliminate the right of municipalities to levy a local sales tax on residential rentals.

This will take away tens of millions of dollars annually in revenue that a majority of the state’s 91 cities and towns collect, according to League of Arizona Cities and Towns.

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