Arizona Revised Statutes Title 42 — Taxation
A.R.S. § 42-13452
Computing valuation
Computing valuation A. Except as provided by subsection B, the county assessor shall determine the valuation of timeshare property based on the origin. If there are insufficient original sales, the county assessor may use the sales of comparable timeshare interests. When using the original gross sales price of the timeshare interests, the county assessor shall deduct a reasonable amount representing nonrealty components of the original gross sales price. The deductions may include extraordinary initial marketing costs, business going concern value, excess sales commission costs, unusual financing, transactions that are not at arms length, atypical developer risks, extended marketing time, the value of any personal property and other nonrealty components, including vacation conveniences and services, club memberships, exchange programs and unusual closing costs. The amount of the deductions shall be presumed to be sixty-five per cent of the original gross sales price of the timeshare interest, except that the presumption is rebuttable by the county assessor or the managing entity. B. If the value of the timeshare interests can be appropriately determined by using resale prices of the timeshare interests for the timeshare property, the county assessor shall determine the value of the timeshare property based on the resale prices of the timeshare interests. If there are insufficient resale prices, the county assessor may use resale prices of comparable timeshare interests. When using the resale price, the county assessor shall deduct from the resale price the nonrealty components, including:
# 1.
Atypical costs associated with the resale, including marketing costs, holding costs, commissions and financing costs.
# 2.
The value of any personal property and rights associated with the timeshare interest being resold. C. If the county assessor rebuts the presumption in subsection A, the county assessor, on or before mailing the notice of valuation, shall notify the managing entity of the reason for the disapproval and establish the methodology the county assessor will use in determining the value of the timeshare property.
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In this chapter (40 sections)
- 42-13151 · Definition of golf course
- 42-13152 · Computing valuation of golf courses
- 42-13154 · Covenant not to convert golf course to another use; notice;…
- 42-13201 · Definition of shopping center
- 42-13202 · Exclusive method and procedure for valuing shopping centers;…
- 42-13203 · Replacement cost less depreciation method of valuing…
- 42-13204 · Election to use income method of valuation initially
- 42-13205 · Valuation method applied on appeal
- 42-13206 · Valuation of dedicated parking or common areas
- 42-13251 · Equalization of valuations by department
- 42-13252 · Scope of equalization
- 42-13253 · Notice of equalization order
- 42-13254 · Date of issue; effective date
- 42-13255 · Appeal
- 42-13256 · Adjustments of equalized property values by assessor
- 42-13257 · Report to property tax oversight commission
- 42-13301 · Limited property value
- 42-13302 · Determining limited value in cases of modifications,…
- 42-13304 · Exemptions from limitation
- 42-13351 · Method and procedures for valuing property of manufacturers,…
- 42-13352 · Determining valuation of property of manufacturers,…
- 42-13353 · Depreciated values of personal property of manufacturers,…
- 42-13354 · Assessing personal property construction work in progress;…
- 42-13355 · Assessing clean rooms as personal property; definition
- 42-13401 · Exclusive method of identifying and valuing common areas
- 42-13402 · Identifying common areas; definition
- 42-13403 · Computing valuation
- 42-13404 · Deed restriction on common area use
- 42-13451 · Definitions
- 42-13452 · Computing valuation
- 42-13453 · Timeshare use form
- 42-13454 · Managing entity as agent of owner
- 42-13501 · Limit on valuation of real property with abandoned renewable…
- 42-13551 · Definition of guest ranch
- 42-13552 · Deed restriction on guest ranch use; covenants; violation;…
- 42-13601 · Definitions
- 42-13602 · Applicability of article; property
- 42-13603 · Valuation; income method; requirements; confidentiality;…
- 42-13604 · Required documentation
- 42-13605 · Appeals