2013 Arizona Revised Statutes
Title 42 - Taxation
§ 42-13452 Computing valuation
42-13452. Computing valuation
A. Except as provided by subsection B, the county assessor shall determine the valuation of timeshare property based on the original gross sales price of the timeshare interests of the timeshare property to a buyer. If there are insufficient original sales, the county assessor may use the sales of comparable timeshare interests. When using the original gross sales price of the timeshare interests, the county assessor shall deduct a reasonable amount representing nonrealty components of the original gross sales price. The deductions may include extraordinary initial marketing costs, business going concern value, excess sales commission costs, unusual financing, transactions that are not at arms length, atypical developer risks, extended marketing time, the value of any personal property and other nonrealty components, including vacation conveniences and services, club memberships, exchange programs and unusual closing costs. The amount of the deductions shall be presumed to be sixty-five per cent of the original gross sales price of the timeshare interest, except that the presumption is rebuttable by the county assessor or the managing entity.
B. If the value of the timeshare interests can be appropriately determined by using resale prices of the timeshare interests for the timeshare property, the county assessor shall determine the value of the timeshare property based on the resale prices of the timeshare interests. If there are insufficient resale prices, the county assessor may use resale prices of comparable timeshare interests. When using the resale price, the county assessor shall deduct from the resale price the nonrealty components, including:
1. Atypical costs associated with the resale, including marketing costs, holding costs, commissions and financing costs.
2. The value of any personal property and rights associated with the timeshare interest being resold.
C. If the county assessor rebuts the presumption in subsection A, the county assessor, on or before mailing the notice of valuation, shall notify the managing entity of the reason for the disapproval and establish the methodology the county assessor will use in determining the value of the timeshare property.
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