Arizona Laws 42-14152. Annual report for determining valuation; failure to file; penalty; forfeiture of appeal rights
A. Except as provided by section 42-14155, on or before April 1 of each year, each company that is valued pursuant to this article shall file a report with the department, under oath, stating the information that the department requires to enable it to make a valuation of the property. On or before February 1 of each year, the department shall send by mail or by e-mail to each company the forms for filing the report.
Terms Used In Arizona Laws 42-14152
- 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.
- Department: means the department of revenue. See Arizona Laws 42-1001
- Director: means the director of the department. See Arizona Laws 42-1001
- Due date: means the next business day if a due date of any report, claim, return, statement, payment, deposit, petition, notice or other document or filing falls on Saturday, Sunday or a legal holiday. See Arizona Laws 42-11001
- 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. On written request and for good cause shown, the director may extend the time for filing the report required by this section.
C. If a company fails to file the report on or before April 1 of the valuation year, or the extended due date if an extension is granted, the department shall:
1. Estimate the value of the property based on one hundred five percent of the preceding year’s full cash value or on any information that is available to the department.
2. Also assess a penalty in the amount of the lesser of:
(a) One-half of one percent of the value that is estimated by the department.
(b) One hundred dollars per day for each day the company fails to file the report beyond the due date.
D. If the report is not filed by May 20 of the valuation year, the company forfeits its right to appeal the valuation and classification pursuant to section 42-14005.