Arizona Laws 42-15065. Assessing personal property construction work in progress; definition
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A. The county assessor shall not:
Terms Used In Arizona Laws 42-15065
- Department: means the department of revenue. See Arizona Laws 42-1001
- 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
- Roll: means the assessment and tax roll. See Arizona Laws 42-11001
1. 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 purpose for which it is being constructed.
2. Place personal property construction work in progress on the roll unless it is valued by the department as provided by law.
B. For 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.