The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
42-14105 - Basis for valuing producing oil, gas and geothermal resource interests
42-14105. Basis for valuing producing oil, gas and geothermal resource interests
A. Producing oil, gas and geothermal resource interests shall be valued for tax purposes at the amount of the gross yield for the preceding calendar year. The gross yield is the valuation of the oil, gas or geothermal resource interests of the lands from which the oil, gas or geothermal resource is produced as of January 1 of the following year.
B. This valuation does not affect the valuation of property other than producing oil, gas or geothermal resource interests.
C. Notwithstanding any other law, the basis of valuation prescribed by this section is in lieu of any other method of valuing oil, gas or geothermal resource interests and the oil, gas and geothermal resource deposits for ad valorem tax purposes.