2005 Arizona Revised Statutes - Revised Statutes §42-11127  Exempt personal property; definition

A. Pursuant to article IX, section 2, subsection (6), Constitution of Arizona, personal property that is class two property pursuant to section 42-12002, paragraph 2, subdivision (a) or (b) that is used for agricultural purposes or personal property that is class one property pursuant to section 42-12001 that is used in a trade or business as described in section 42-12001, paragraphs 8 through 11 or 13 is exempt from taxation up to a maximum amount of fifty thousand dollars of full cash value for each taxpayer.

B. On or before December 31 each year, the department shall increase the maximum amount of the exemption for the following tax year based on the average annual percentage increase, if any, in the GDP price deflator in the two most recent complete state fiscal years.

C. In this section, "GDP price deflator" means the average of the four implicit price deflators for the gross domestic product reported by the United States department of commerce or its successor for the four quarters of the state fiscal year.