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Voters approve Proposition 117 on property valuation for taxes

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Voters have approved a ballot measure to limit increases in property valuation for taxes.

Cronkite News bases its projection on unofficial returns showing Proposition 117 leading by a wide margin.

The measure, which will take effect in 2015, calls for a 5 percent annual limit on how much the assessed value of properties can rise.

Supporters said it would shield owners from the kinds of spikes seen during the real estate bubble of the last decade and it would simplify Arizona’s property tax valuation system, one of the most complicated in the nation.

Opponents said the change would add uncertainty to the current tax system and allow unfair and inequitable taxation.