A. As a condition of valuation under this article, an owner or operator of low-income multifamily residential rental property must provide written documentation to the county assessor confirming that the property has been placed in service as a low-income multifamily residential rental property consistent with section 42 of the internal revenue code.

Terms Used In Arizona Laws 42-13604

  • Department: means the department of revenue. See Arizona Laws 42-1001
  • Internal revenue code: means the United States internal revenue code of 1986, as amended and in effect as of January 1, 2023, including those provisions that became effective during 2022 with the specific adoption of their retroactive effective dates but excluding all changes to the code enacted after January 1, 2023. See Arizona Laws 42-1001
  • Low-income multifamily residential rental property: means multifamily residential property to which all of the following apply:

    (a) The owner received an allocation of federal income tax credits through the low-income housing tax credit program. See Arizona Laws 42-13601

  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Valuation: means the full cash value or limited property value that is determined for real or personal property, as applicable. See Arizona Laws 42-11001

B. Internal revenue service form 8609 or an equivalent successor form designated by the internal revenue code that is signed by the Arizona department of housing or the certificate of occupancy and the declaration of affirmative land use restrictive covenants agreement recorded on the property satisfy the documentation requirement prescribed by this section.

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