Arizona Revised Statutes Title 42. Taxation § 42-14158. Existing generation facilities; computing adjusted original cost; computing full cash value; definitions

1. Determine the full cash value ratio.

2. Determine the original cost by vintage year for 2001 and all prior years.

3. Multiply the original costs for real property improvements and personal property by vintage year by the full cash value ratio to reflect the tax year 2003 full cash value by vintage year.

4. Divide the full cash value by vintage year as calculated in paragraph 3 of this subsection of real property improvements and personal property by the valuation factors reflected in the department's valuation tables as prescribed in § 42-14156, without phase-in adjustments prescribed in § 42-14156, subsection A, paragraph 3.

1. “Existing generation facility” means the property of an electric generation facility that was valued by the department as of January 1, 2001. It does not include any property added to the facility after January 1, 2002.

2. “Full cash value ratio” means the full cash value of the existing generation facility for tax year 2003, excluding the value of land associated with the facility, renewable energy equipment and materials and supplies as of December 31, 2001, divided by the total original cost, excluding the cost of land associated with the facility, renewable energy equipment and materials and supplies for the facility as of December 31, 2001.

3. “Original cost” means the actual cost of acquiring or constructing property, including additions, retirements, adjustments and transfers.

4. “Vintage year” means the first year of depreciation of the asset reflected on the owner's balance sheet.