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Arizona Revised Statutes Title 42. Taxation § 42-13353. Depreciated values of personal property of manufacturers, assemblers and fabricators

Current as of January 01, 2025 | Updated by Findlaw Staff

A. Except as provided in subsection D and notwithstanding any other statute, the department shall adjust depreciation schedules for use by the assessors to determine the valuation of personal property valued under this article that was or is initially assessed during tax year 1994 through tax year 2007 as follows:

1. For the first tax year of assessment, the assessor shall use thirty-five per cent of the scheduled depreciated value.

2. For the second tax year of assessment, the assessor shall use fifty-one per cent of the scheduled depreciated value.

3. For the third tax year of assessment, the assessor shall use sixty-seven per cent of the scheduled depreciated value.

4. For the fourth tax year of assessment, the assessor shall use eighty-three per cent of the scheduled depreciated value.

5. For the fifth and subsequent tax years of assessment, the assessor shall use the scheduled depreciated value as prescribed by the department's guidelines.

B. Except as provided in subsection D and notwithstanding any other law, the department shall adjust depreciation schedules for use by the assessors to determine the valuation of personal property valued under this article that was or is initially assessed during tax year 2008 through tax year 2011 as follows:

1. For the first tax year of assessment, the assessor shall use thirty per cent of the scheduled depreciated value.

2. For the second tax year of assessment, the assessor shall use forty-six per cent of the scheduled depreciated value.

3. For the third tax year of assessment, the assessor shall use sixty-two per cent of the scheduled depreciated value.

4. For the fourth tax year of assessment, the assessor shall use seventy-eight per cent of the scheduled depreciated value.

5. For the fifth tax year of assessment, the assessor shall use ninety-four per cent of the scheduled depreciated value.

6. For the sixth and subsequent tax years of assessment, the assessor shall use the scheduled depreciated value as prescribed in the department's guidelines.

C. Except as provided in subsection D and notwithstanding any other law, the department shall adjust depreciation schedules for use by the assessors to determine the valuation of personal property valued under this article that was or is initially assessed during or after tax year 2012 as follows:

1. For the first tax year of assessment, the assessor shall use twenty-five per cent of the scheduled depreciated value.

2. For the second tax year of assessment, the assessor shall use forty-one per cent of the scheduled depreciated value.

3. For the third tax year of assessment, the assessor shall use fifty-seven per cent of the scheduled depreciated value.

4. For the fourth tax year of assessment, the assessor shall use seventy-three per cent of the scheduled depreciated value.

5. For the fifth tax year of assessment, the assessor shall use eighty-nine per cent of the scheduled depreciated value.

6. For the sixth and subsequent tax years of assessment, the assessor shall use the scheduled depreciated value as prescribed in the department's guidelines.

D. The additional depreciation prescribed in this section shall not reduce the valuation below the minimum value prescribed by the department for property in use.

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Cite this article: FindLaw.com - Arizona Revised Statutes Title 42. Taxation § 42-13353. Depreciated values of personal property of manufacturers, assemblers and fabricators - last updated January 01, 2025 | https://codes.findlaw.com/az/title-42-taxation/az-rev-st-sect-42-13353/

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