Arizona Administrative Code
Title 15 - REVENUE
Chapter 4 - Department of Revenue - Property Tax
Article 4 - CLASS SEVEN LIMITED VALUE AND ASSESSMENT RATIO
Section R15-4-401 - Calculation of Class Seven Assessment Ratios

Universal Citation: AZ Admin Code R 15-4-401

Current through Register Vol. 30, No. 38, September 20, 2024

A. The Department of Revenue shall calculate the assessment ratios for primary and secondary tax purposes for all Class Seven property in accordance with this Regulation. The Department shall transmit these assessment ratios to the counties on or before the third Monday in June of every tax year.

B. For the purpose of determining the Class Seven assessment ratio for secondary property taxes as defined in A.R.S. § 42-227, the Director shall calculate the total assessed valuation and total full cash value of all property in Classes One, Two and Three as follows: The assessed value and full cash value of all property valued by the Department in Classes One, Two, and Three shall be based upon the values determined by the Department on or before the first Monday in June. The assessed value and full cash value of all real property valued by the counties in Class Three shall be based upon the Notices of Value prepared by the county assessors pursuant to A.R.S. § 42-221. The assessed value and full cash value of all secured and unsecured personal property valued by the counties in Class Three shall be estimated based upon the full cash value of such property for the previous tax year. The full cash value of all property valued by the counties in Class Three shall be adjusted to market value, if necessary, based upon:

1. The weighed mean sales ratio reflected in the Department's preliminary sales ratio reports for the tax year, and

2. The adjustment determined by the Director for cash equivalency, personal property, and sampling considerations. The sales ratio study shall be conducted in accordance with the statistical principles applicable to such studies.

C. For the purpose of calculating the Class Seven assessment ratio for primary property taxes as defined in A.R.S. § 42-227, the Director shall calculate the total assessed valuation and total limited valuation of all property in Classes One, Two and Three by using the same property values determined under subsection (B) of this rule, except as follows: The assessed value and limited property value of Class Three property valued by the Department shall be based upon the limited property value of such property as determined by the Department on or before the first Monday in June. The assessed value and limited property value of all real property valued by the counties in Class Three shall be based upon the Notices of Value prepared by the county assessors pursuant to A.R.S. § 42-221. The limited property value of all property valued by the counties in Class Three shall be adjusted by the same percentage as the adjustment made to the full cash value of such property under subsection (B) of this rule.

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