Arizona Laws 42-15157. Destruction of property after rolls closed; proration of valuation and taxes
Current as of: 2023 | Check for updates
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A. If a property is destroyed after the assessor closes the rolls, the property owner may file a notice of claim pursuant to section 42-16254 to prorate the valuation of the property from the date of destruction.
Terms Used In Arizona Laws 42-15157
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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. If the assessor finds that the property has been destroyed:
1. The assessor shall prorate the value of the property from the lien date to the date of destruction.
2. The county treasurer shall compute the amount of taxes assessed against the property by applying the tax rate for the appropriate tax year to the original valuation prorated for the portion of the year the property was intact, plus the tax rate for the appropriate tax year to the reassessed value of the property prorated for the balance of the year.