A. The county assessor shall not value or assess personal property construction work in progress until the construction work has progressed to a sufficient degree for the personal property to be useful for the purposes for which it is being constructed.

Terms Used In Arizona Laws 42-13354

  • Personal property: All property that is not real property.
  • Personal property: includes property of every kind, both tangible and intangible, that is not included as real estate. See Arizona Laws 42-11001
  • Property: includes both real and personal property. See Arizona Laws 1-215

B. For the purposes of this section, "personal property construction work in progress" means the amount spent and entered on the taxpayer’s accounting records as of December 31 of the preceding calendar year as construction work in progress.

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