Arizona Revised Statutes Title 42. Taxation § 42-12104. Valuation and assessment

A. The county assessor shall determine the assessed valuation of historic property as provided by chapter 15, article 1 of this title. 1 Each year that the property is classified and assessed as historic property the assessor shall enter on the rolls that the property is so assessed and may be subject to additional taxes under § 42-12107 by adding the notation “historic property (potential additional tax)”.

B. The assessor shall determine the valuation of commercial historic property that is classified as class seven under § 42-12007 or class eight under § 42-12008 by using the market approach to valuation as described in § 42-16051, subsection B, paragraph 2 or by using the cost approach to valuation as described in § 42-16051, subsection B, paragraph 3, using the year of application as the base year.