Terms Used In Arizona Laws > Title 42 > Chapter 13 > Article 13 - Valuation of Low-Income Multifamily Residential Rental Property

• 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.
• Conventional multifamily property: means a residential rental property that does not meet the requirements prescribed in paragraph 3 of this section. See Arizona Laws 42-13601
• Department: means the department of revenue. See Arizona Laws 42-1001
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• 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
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Low-income housing tax credit program: means the federal low-income housing tax credit program established by the tax reform act of 1986, codified in section 42 of the internal revenue code and administered by the Arizona department of housing pursuant to section 35-728 to encourage construction and rehabilitation of low-income rental housing. See Arizona Laws 42-13601
• 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
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• United States: includes the District of Columbia and the territories. 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