48-4235. Assessment in lieu of property tax; rate; administration
A. The board of directors of a district established pursuant to section 48-4202, subsection C shall provide by intergovernmental agreement for the imposition and collection of an assessment from prime commercial lessees of Arizona board of regents' property in the district.
B. The board of directors shall determine the amount of the assessment each year as follows:
1. Determine the valuation of each parcel of Arizona board of regents' property in the same manner as is used by the county assessor to determine the valuation of similar property in the county. The board of directors shall make available the method and calculation of the valuation of any property on request. On the petition of a prime lessee, the board of directors shall meet with the petitioner to resolve any disagreement on the amount of the valuation.
2. Compute a comparable assessed valuation by applying the appropriate assessment percentage prescribed by title 42, chapter 15, article 1 to the valuation determined under paragraph 1.
3. Multiply the comparable assessed valuation determined under paragraph 2 by a rate per one hundred dollars established by the board of directors, but not to exceed the composite tax rates of all taxing jurisdictions in which the parcel of property is located.
C. The district treasurer shall collect the assessment from the prime lessee. The district treasurer shall deposit the net revenues from the assessment in the district fund to be used for the purposes allowed by this chapter.
D. The board of directors may pledge all or part of the assessment revenues to secure district bonds or financial obligations under this chapter. The board of directors must continue to impose and collect the assessment in an amount that is at least adequate for all debt service requirements of the district under this chapter.