2005 Arizona Revised Statutes - Revised Statutes §42-13353  Depreciated values of personal property of manufacturers, assemblers and fabricators

A. Except as provided in subsection B of this section and notwithstanding any other statute, the department shall adjust depreciation schedules for use by the assessors to determine the valuation of personal property valued under this article that was or is initially assessed during or after tax year 1994 as follows:

1. For the first tax year of assessment, the assessor shall use thirty-five per cent of the scheduled depreciated value.

2. For the second tax year of assessment, the assessor shall use fifty-one per cent of the scheduled depreciated value.

3. For the third tax year of assessment, the assessor shall use sixty-seven per cent of the scheduled depreciated value.

4. For the fourth tax year of assessment, the assessor shall use eighty-three per cent of the scheduled depreciated value.

5. For the fifth and subsequent tax years of assessment, the assessor shall use the scheduled depreciated value as prescribed by the department's guidelines.

B. The additional depreciation prescribed in subsection A of this section shall not reduce the valuation below the minimum value prescribed by the department for property in use.