*This information is for Model City Tax Code purposes only

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.

 

Quartzsite

Quartzsite Transaction Privilege Tax Rates City/Town Name: Quartzsite City Code: QZ Business Code Tax Rate Amusements 012 2.50% Contracting-Prime 015

Safford

Safford Transaction Privilege Tax & Use Tax Rates City/Town Name: Safford City Code: SF Business Code Tax Rate Advertising 018 2.50% Amusements 012 2

Sedona

Sedona Transaction Privilege Tax & Use Tax Rates City/Town Name: Sedona City Code: SE Business Code Tax Rate Amusements 012 3.50% Contracting-Prime

Show Low

Show Low Transaction Privilege Tax Rates City/Town Name: Show Low City Code: SL Business Code Tax Rate Advertising 018 2.00% Amusements 012 2.00%

Taylor

Taylor Transaction Privilege Tax Rates City/Town Name: Taylor City Code: TL Business Code Tax Rate Advertising 018 3.00% Amusements 012 3.00%

Willcox

Willcox Transaction Privilege Tax Rates City/Town Name: Willcox City Code: WC Business Code Tax Rate Advertising 018 3.00% Amusements 012 3.00%
Subscribe to N