Sec 42-17401. Elderly assistance fund; primary school district tax reduction; definition

A. An elderly assistance fund shall be established by the board of supervisors in a county with a population of more than two million persons to be administered by the county treasurer. The fund shall be used to reduce the primary school district taxes pursuant to subsection B of this section.

B. On June 30 of each year, the county treasurer shall determine the total amount of monies in the elderly assistance fund and the total number of qualified individuals who live in the county. The county treasurer shall use the monies in the fund to proportionately reduce the primary school district taxes that are levied against the property of all qualified individuals in the county for the following tax year.

C. The county treasurer shall invest monies in the fund. Interest earned on fund monies shall be deposited in the taxpayer's information fund established by section 11-495.

D. For the purposes of this section, "qualified individual" means an individual who lives in an organized school district and who is approved for the property valuation protection option pursuant to article IX, section 18, subsection (7), Constitution of Arizona.