2005 Arizona Revised Statutes - Revised Statutes §42-6209  Abatement of tax for government property improvements in single central business district

A. A government lessor shall abate the tax provided for under this article for a limited period beginning when the certificate of occupancy is issued and ending eight years after the certificate of occupancy is issued on a government property improvement that is constructed either before or after July 20, 1996 and that meets the following requirements:

1. The improvement is located in a single central business district in a slum or blighted area that is established pursuant to title 36, chapter 12, article 3 and is subject to a lease or development agreement entered into on or after April 1, 1985.

2. The government property improvement resulted or will result in an increase in property value of at least one hundred per cent.

B. Unless waived by the government lessor, the prime lessee shall apply for the abatement before the taxes under this article are due and payable in the first year after the certificate of occupancy is issued. The prime lessee shall notify the government lessor if the government property improvement no longer qualifies for abatement under this section.