A. An owner or operator of low-income multifamily residential rental property that opts into the income valuation method set forth in this article may appeal the value of the property pursuant to chapter 16 of this title. On appeal, the owner or operator may submit more recent income and expense data from the year preceding January 1 of the valuation year to be used in calculating the value of the property by the valuation method set forth in this article.

Terms Used In Arizona Laws 42-13605

  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • 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
  • Valuation year: means :

    (a) For real property and property valued by the department, the calendar year preceding the year in which the taxes are levied. See Arizona Laws 42-11001

B. An owner or operator of low-income multifamily residential rental property that does not opt into the income valuation method set forth in this article may appeal the value of the property using the valuation method set forth in this article.

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