42-15065. Assessing personal property construction work in progress; definition A. The county assessor shall not: 1. Value or assess personal property construction work in progress until the construction work has progressed to a sufficient degree for the personal property to be useful for the purpose for which it is being constructed. 2. Place personal property construction work in progress on the roll unless it is valued by the department as provided by law. B. For purposes of this section, ' personal property construction work in progress' means the amount spent and entered on the taxpayer's accounting records as of December 31 of the preceding calendar year as construction work in progress.
Arizona Legal Code
§ 42.15065
Source: https://www.azleg.gov/ars/42/15065.htm· Version 2026