Arizona Revised Statutes Title 42 — Taxation
A.R.S. § 42-12107
Penalties
42-12107 . Penalties A. If property that is classified as historic property becomes disqualified for that classification, a penalty shall be added to the tax levied against the property on the next tax roll equal to the lesser of:
# 1.
Fifty per cent of the total amount by which property taxes on the property were reduced during the years the property had been classified as historic property.
# 2.
Fifty per cent of the market value of the property. B. If property that is classified as historic property becomes disqualified for that classification and the owner fails to give the notice required by section 42-12106, subsection B: 1. The county assessor shall determine the date that the notice should have been given and shall notify the owner and the county treasurer. 2. The treasurer shall add to the tax levied against the property on the next tax roll in addition to the penalty prescribed by subsection A of this section an amount equal to fifteen per cent of that penalty. The treasurer shall deposit monies collected pursuant to this paragraph in the taxpayers' information fund established by section 11-495. C. Before assessing a penalty under this section in the case of disqualification pursuant to section 42-12105, subsection A, paragraph 3 or subsection B, paragraph 3 or 4, the assessor shall notify the property owner of the disqualification by mail, return receipt requested. D. A penalty shall not be imposed under this section: 1. On the sale or transfer of the property to an ownership that makes the property exempt from taxation. 2. If the historic property is destroyed by fire or act of God unless the fire was the result of an intentional act by the owner or by an agent of the owner acting on the owner's behalf. E. A penalty that is determined to be due under this section shall be paid to the county treasurer before the next tax roll is completed. Except as provided in subsection B of this section, the county treasurer shall distribute the penalty under this section among the respective taxing jurisdictions in proportion to their current primary property tax levies on the property. F. The penalties prescribed by this section apply only to: 1. The current fifteen year assessment period with respect to noncommercial historic property. 2. The current ten year assessment period with respect to commercial historic property.
Source: view the official text
In this chapter (35 sections)
- 42-12001 · Class one property
- 42-12002 · Class two property
- 42-12003 · Class three property; definition
- 42-12004 · Class four property
- 42-12005 · Class five property
- 42-12006 · Class six property
- 42-12007 · Class seven property
- 42-12008 · Class eight property
- 42-12009 · Class nine property
- 42-12010 · Purpose of classification of property
- 42-12051 · Treatment of partially completed or vacant improvements;…
- 42-12052 · Review and verification of class three property; civil…
- 42-12053 · Criteria for distinguishing primary residential property,…
- 42-12054 · Change in classification of owner occupied residence
- 42-12055 · Review of and appeal from classification
- 42-12056 · Renewable energy systems valuation; definition
- 42-12057 · Criteria for renewable energy property
- 42-12058 · Registry of real property burdened by conservation easements
- 42-12101 · Definitions
- 42-12102 · Application for classification as historic property; period…
- 42-12103 · Review of application by state historic preservation…
- 42-12104 · Valuation and assessment
- 42-12105 · Disqualification
- 42-12106 · Effect of changing circumstances
- 42-12107 · Penalties
- 42-12108 · Reports
- 42-12151 · Definition of agricultural real property
- 42-12152 · Criteria for classification of property used for…
- 42-12153 · Application for classification of property used for…
- 42-12154 · Approval of nonconforming property
- 42-12155 · Notice of approval or disapproval; appeal
- 42-12156 · Notice of change in use
- 42-12157 · Recapture and penalty for false information or failure to…
- 42-12158 · Inspections by county assessor
- 42-12159 · Restoration of agricultural classification and valuation;…