Arizona Laws 33-1123. Household furniture, furnishings and appliances; annual adjustment
Terms Used In Arizona Laws 33-1123
- Debtor: means an individual whether married or single utilizing property described in this article for personal, family or household use. See Arizona Laws 33-1121
- Dependent: A person dependent for support upon another.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Process: means execution, attachment, garnishment, replevin, sale or any final process issued from any court or any other judicial remedy provided for collection of debts. See Arizona Laws 33-1121
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
(Caution: 1998 Prop. 105 applies)
A. Household furniture and furnishings, household goods, including consumer electronic devices, and household appliances personally used by the debtor or a dependent of the debtor and not otherwise specifically prescribed in this chapter are exempt from process provided their aggregate fair market value does not exceed $15,000.
B. The exemption provided by this section shall be adjusted annually beginning on January 1, 2024 and thereafter on January 1 of each successive year by the increase in the cost of living. The increase in the cost of living shall be measured by the percentage increase as of August of the immediately preceding year over the level as of August of the previous year of the consumer price index (all urban consumers, United States city average for all items) or its successor index as published by the United States department of labor, bureau of labor statistics, or its successor agency, with the amount of the exemption rounded up to the nearest $100.