AZ SB1412

Extends accelerated depreciation schedules to class six personal property acquired during or after tax year 2014 and initially classified during or after tax year 2015.

Applies the same depreciation percentages as class one and class two (P) property for tax year 2012 and later: 25% in year one, increasing by 16 percentage points annually through year five, then full depreciation thereafter.

Requires the department to reduce minimum value for class six property by 2.5 percent annually beginning in valuation year 2015, consistent with reductions for other property classes.

Ensures depreciation adjustments do not reduce valuations below the minimum value prescribed by the department for property in use.