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.
42-14152 - Annual report for determining valuation; failure to file; penalty; forfeiture of appeal rights
42-14152. Annual report for determining valuation; failure to file; penalty; forfeiture of appeal rights
A. Except as provided by section 42-14155, on or before April 1 of each year, each company that is valued pursuant to this article shall file a report with the department, under oath, stating the information that the department requires to enable it to make a valuation of the property. On or before February 1 of each year, the department shall send by mail or by e-mail to each company the forms for filing the report.
B. On written request and for good cause shown, the director may extend the time for filing the report required by this section.
C. If a company fails to file the report on or before April 1 of the valuation year, or the extended due date if an extension is granted, the department shall:
1. Estimate the value of the property based on one hundred five percent of the preceding year's full cash value or on any information that is available to the department.
2. Also assess a penalty in the amount of the lesser of:
(a) One-half of one percent of the value that is estimated by the department.
(b) One hundred dollars per day for each day the company fails to file the report beyond the due date.
D. If the report is not filed by May 20 of the valuation year, the company forfeits its right to appeal the valuation and classification pursuant to section 42-14005.