SB1111 Summary

• Amends pipeline property valuation methods under Arizona Revised Statutes Section 42-14204, including correcting terminology from "per cent" to "percent" and "less" to "minus" throughout the statute.

• Adds new Section 42-14205 allowing the Department of Revenue to adjust the base value of pipeline property when circumstances warrant, including court rulings, binding stipulations from tax appeals, or written agreements to correct calculation errors.

• Requires adjustments to base value reflect market value when a court determines the full cash value calculated under Section 42-14204 exceeds the market value of the pipeline property using standard appraisal methods.

• Applies retroactively to all tax years beginning after December 31, 2015.