This form is a contract for the lease of personal property. The lessor demises and leases to the lessee and the lessee takes and rents from the lessor certain personal property described in Exhibit "A".
Personal Property Statement With No Class Life In Phoenix
Category:
State:
Multi-State
City:
Phoenix
Control #:
US-00123
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
42-11001(7) defines limited property value (LPV) as the value determined pursuant to A.R.S. 42-13301 . Under A.R.S. 42-13301 the LPV is the limited property value of the property in the preceding valuation year plus five percent of that value.
Qualifications. Age: At least one property owner must be the minimum qualifying age of 65 at the time of application. Residence: The property must be the owner(s) primary residence. A "primary" residence is that residence which is occupied by the property owner(s) for an aggregate of nine months of the calendar year.
Under A.R.S. 42-13301 the LPV is the limited property value of the property in the preceding valuation year plus five percent of that value.
FCV is used to calculate taxes for voter approved bonds, BUDGET overrides and certain special districts. Limited Primary Value (LPV) is a legislatively established value based on a mathematical formula that limits the amount of increase in any given year. The two values often are the same.
The business personal property tax exemption for tax year 2024 is $248,691. The dollar amount of this exemption is increased annually.
For property tax purposes in Arizona, personal property is defined as all types of property except real estate. Taxable personal property includes property used for commercial, industrial, and agricultural purposes. Personal property is considered to be movable and not permanently attached to real estate.
Where to Report Personal Property on Your Taxes. Claim the itemized deduction on Schedule A – State and local personal property taxes (Line 5c). Taxes you deduct elsewhere on your return — like for a home office or rental — don't qualify for this deduction.
To qualify for the property tax credit, you must have lived in Arizona for the whole year. Check "Yes" if you were a resident of Arizona for the whole year (from January 1, 2023, to December 31, 2023). Arizona. Your unit was your main home during 2023.
Arizona allows a $4,748 Assessed Value property exemption to Arizona resident property owners qualifying as a widow/widower, or a person with total and permanent disability, or a veteran with a service or non-service connected disability.
More info
Business Personal Property Manual. Valuation of Business Personal Property.Verify the information on the form is correct; make changes to the assets on the back of the statement or attach a complete asset list to the statement. Find answers to the a list of common questions other users have asked. You can filter the results to a particular category or properties and services. This publication answers common questions about. How do I report Taxable Personal Property? Personal Property Annual Business Statements Mailed. The 2025 Arizona Business Property Statements will mail on January 5th, 2025. As a business owner, you are required to fill out a Business Personal Property (BPP) rendition every year.