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.
42-14253 - Annual report for purposes of determining valuation; failure to file; penalty; forfeiture of appeal rights
42-14253. Annual report for purposes of determining valuation; failure to file; penalty; forfeiture of appeal rights
A. On or before April 1 of each year each company that operates in air commerce in this state shall file a report with the department under oath stating specifically the information prescribed by the department to allow it to determine the valuation required by this article. The department shall consider the information in the report in determining the valuation under this article, but that information is not conclusive.
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 that operates in air commerce 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 per cent 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 per cent 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.