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Current as of March 08, 2022 | Updated by FindLaw Staff
A. Pursuant to article IX, section 2, subsection (6), Constitution of Arizona, personal property that is class two property pursuant to § 42-12002, paragraph 2, subdivision (a) or (b) that is used for agricultural purposes or personal property that is class one property pursuant to § 42-12001 that is used in a trade or business as described in § 42-12001, paragraphs 8 through 11 or 13 is exempt from taxation up to a maximum amount of fifty thousand dollars of full cash value for each taxpayer.
B. On or before December 31 of each year, the department shall increase the maximum amount of the exemption for the following tax year based on the percentage increase, if any, in the employment cost index for total compensation for private industry workers in the two most recent complete state fiscal years. For the purposes of this subsection, “employment cost index” means the average of the employment cost indices reported by the bureau of labor statistics of the United States department of labor or its successor for the eight quarters of the two most recent state fiscal years.
Cite this article: FindLaw.com - Arizona Revised Statutes Title 42. Taxation § 42-11127. Exempt personal property - last updated March 08, 2022 | https://codes.findlaw.com/az/title-42-taxation/az-rev-st-sect-42-11127/
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