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Current as of March 08, 2022 | Updated by FindLaw Staff
A possessory interest consisting of property or improvements pursuant to a lease from this state or a political subdivision of this state is exempt from taxation if it is used by an association or institution that meets all of the following requirements:
1. The purpose of the association or institution is educational or charitable activities.
2. Its annual gross revenues do not exceed fifty thousand dollars.
3. It is not operated for profit.
4. It is recognized under section 501(c)(3) of the internal revenue code 1.
Cite this article: FindLaw.com - Arizona Revised Statutes Title 42. Taxation § 42-11124. Exemption for possessory interests for educational or charitable activities - last updated March 08, 2022 | https://codes.findlaw.com/az/title-42-taxation/az-rev-st-sect-42-11124/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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