Arizona Revised Statutes Title 42 — Taxation
A.R.S. § 42-13501
Limit on valuation of real property with abandoned renewable energy equipment
42-13501 . Limit on valuation of real property with abandoned renewable energy equipment A. The assessed value of a leased portion of real property that qualifies under subsection B of this section is the greater of the total lease payments collected by the real property owner during the tax year or the assessed value of the leased property if it were classified as class two property. B. The real property must meet all of the following conditions:
# 1.
The real property is being leased by the real property owner to a lessee that maintains renewable energy equipment on the leased real property.
# 2.
The real property owner or any affiliate of the owner has no ownership interest in the lessee or any of its affiliates.
# 3.
The lessee is in default on the lease, is not making lease payments under the lease and has abandoned its renewable energy equipment on the leased real property.
# 4.
The leased real property was classified as class two agricultural property for the tax year before the lease term commenced.
# 5.
The total lease payments collected by the real property owner under the lease in default are less than the assessed value of the leased real property under class one.
Source: view the official text
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