AZ SB1445

Amends Arizona Revised Statutes section 42-14204 to modify how pipeline property valuations are computed for tax purposes.

Changes terminology throughout the statute from "per cent" to "percent" and from "less" to "minus" for consistency.

Adds a new step 7 to the valuation computation process requiring adjustment for economic obsolescence and other criteria to accurately determine full cash value.

Updates the definition of "capitalization rate" to reference "thirty-year" treasury bond rate (with hyphen correction).

Clarifies definitions of key valuation terms including "asset change factor," "base value," "income change factor," and "value change factor" by using "means" instead of "is" or "is computed by" for consistency.