Arizona Laws 42-19005. Property leased or rented from inventory
A. Subject to section 42-19103, personal property that is periodically leased or rented from the inventory of retailers or wholesalers shall be assessed in the same manner as other personal property included in class one pursuant to sections 42-12001 and 42-15001.
Terms Used In Arizona Laws 42-19005
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Department: means the department of revenue. See Arizona Laws 42-1001
- Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
- 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
- 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. The department shall:
1. Establish the method of determining the valuation of such property.
2. Prescribe all forms and reports required under this section.
C. Each retailer and wholesaler that leases or rents personal property from its inventory shall file an affidavit of particulars with the county assessor not later than the tenth day of each month for the preceding month’s activity.
D. This section does not apply to property that is owned and held by persons primarily engaged in the business of renting personal property.