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N

*This information is for Model City Tax Code purposes only

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Model City Tax Code

 

Local Option N

Exempt the fair market value of land from gross income of speculative builders.  Replace, IN LIEU OF LOCAL OPTION #M, Sec. ___-416(b)(2) with:

(2) Fair market value of land.  Gross income from the sale of improved real property shall not include the "fair market value" of the land which is included in the real property sold, when a charge for such land is included in the total selling price of the real property sold.

(A) Except as provided in Subsection (b)(2)(B) below, the taxpayer must document such "fair market value" to the satisfaction of the Tax Collector, and maintain and provide such documentation upon demand in addition to and in like manner to the books and records required in Article III.

(B) In lieu of the documented fair market value of land allowed in Subsection (b)(2)(A) above, an amount equal to twenty percent (20%) of the total selling price may be used to estimate the "fair market value" of land.

 

<Back to Options by City

Show Low

Show Low Transaction Privilege Tax Rates

City/town name:         show low    city code: sl business code tax rate county: nav
  • Read more about Show Low

Bullhead City

Bullhead City Transaction Privilege Tax & Use Tax Rates

City/town name:  bullhead city    city code: bh business code tax rate county: moh
  • Read more about Bullhead City

Prescott Valley

Prescott Valley Transaction Privilege Tax & Use Tax Rates

City/town name:  prescott valley    city code: pl business code tax rate county: yav
  • Read more about Prescott Valley

Prescott

Prescott Transaction Privilege Tax & Use Tax Rates

City/town name:   prescott    city code: pr business code tax rate county: yav
  • Read more about Prescott

Pinetop-Lakeside

Pinetop-Lakeside Transaction Privilege Tax Rates

City/town name:  pinetop-lakeside    city code: pp business code tax rate county: nav
  • Read more about Pinetop-Lakeside

Parker

Parker Transaction Privilege Tax Rates

City/town name:    parker    city code: pk business code tax rate county: lap
  • Read more about Parker

Mammoth

Mammoth Transaction Privilege Tax & Use Tax Rates

City/town name:      mammoth    city code: mh business code tax rate county: pnl
  • Read more about Mammoth
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Cities/Towns that have adopted this Option:
Bullhead City
Camp Verde
Douglas
Kingman
Lake Havasu City
Mammoth
Parker
Pima
Pinetop-Lakeside
Prescott
Prescott Valley
Quartzsite
Safford
Sedona
Show Low
Taylor
Willcox
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