43-1141. Valuation of property Property owned by the taxpayer is valued at its original cost. Property rented by the taxpayer is valued at eight times the net annual rental rate. Net annual rental rate is the annual rental rate paid by the taxpayer less any annual rental rate received by the taxpayer from subrentals.
Arizona Legal Code
§ 43.1141
Source: https://www.azleg.gov/ars/43/01141.htm· Version 2026