Arizona Administrative Code
Title 15 - REVENUE
Chapter 2 - DEPARTMENT OF REVENUE - INCOME AND WITHHOLDING TAX SECTION
Subchapter C - INDIVIDUALS
Article 5 - CREDITS
Section R15-2C-502 - Property Tax Credit
Universal Citation: AZ Admin Code R 15-2C-502
Current through Register Vol. 30, No. 38, September 20, 2024
A. The following definitions apply for purposes of this Section:
1. "Adjusted gross income" means the sum of
all income not specifically excluded in A.R.S. §
43-1072
whether or not subject to Arizona income tax, except those items that A.R.S.
§
43-1072
specifically includes in income.
2.
"Member of the household" means a claimant and any other person residing with
the claimant in the homestead during the taxable year, whether or not the
person is related to, or a dependent of, the claimant.
B. Household income determines eligibility for, and amount of, a property tax credit. A claimant shall arrive at household income by combining the separately determined income of each member of the household.
C. For purposes of arriving at adjusted gross income for each member of the household, all of the following apply:
1. Income from business or
farm activities is net income or loss from business or farm activities,
determined in the same manner as income or loss reportable for federal income
tax purposes;
2. Income from rents
or royalties is gross income from rent or royalty activities less deductions,
determined in the same manner as income or loss reportable for federal income
tax purposes; and
3. Income from
capital gains is the net capital gains and losses for each member of the
household. Net losses are limited to $1,500 for each household
member.
D. There shall be only one claimant under this Section per household per year.
E. If a claimant files a property tax credit claim, the claimant shall attach the following documents to the claim, as applicable:
1. If the claimant owns a home, a
copy of the property tax statement indicating the amount of taxes paid for the
tax year, the property tax bill stamped "paid," or copies of cancelled checks
for taxes paid and a copy of the property tax bill;
2. If the claimant is a resident of a nursing
home or a renter, a copy of the completed Arizona Form 201;
3. If the claimant owns a mobile home and
pays rent on the mobile home space, a copy of the completed Arizona Form 201
and a copy of the property tax statement indicating the amount of taxes paid on
the mobile home for the tax year, the property tax bill stamped "paid," or
copies of cancelled checks for taxes paid and a copy of the property tax
bill;
4. If the claimant is a
shareholder of a cooperative corporation or a condominium association, a
statement of the claimant's pro rata share of the assessed property taxes for
the tax year and a copy of either:
a. The
mortgage company statement of the corporation or association indicating the
total amount of property taxes paid for the tax year; or
b. A copy of the tax bill of the corporation
or association stamped "paid;" or
5. If the claimant received Title 16
Supplemental Security Income payments, a statement from the Social Security
Administration indicating the amount of payments for the current tax
year.
Disclaimer: These regulations may not be the most recent version. Arizona may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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