Arizona Revised Statutes Title 42. Taxation § 42-15254. Conveyance of remote municipal property to private ownership; payment of tax revenues

A. If the municipality conveys the title to the remote municipal property to private ownership, a political subdivision that receives property taxes from the property, and that has outstanding bonds or other long-term obligations that are secured by water transportation revenues under title 35, chapter 3, article 3.4,  1 shall determine the amount of property taxes otherwise payable as prescribed by § 42-15253 as a result of that political subdivision's property tax rates and the value of the property.

B. The political subdivision shall make special payments to the county treasurer of the county in which the property is located in the amount determined pursuant to § 42-15253 in the manner prescribed in § 9-433.