Ariz. Admin. Code § 15-2C-502

Current through Register Vol. 30, No. 25, June 21, 2024

Section R15-2C-502 - Property Tax Credit

A. The following definitions apply for purposes of this Section:

1. "Adjusted gross income" means the sum of all income not specifically excluded in A.R.S. § 43-1072 whether or not subject to Arizona income tax, except those items that A.R.S. § 43-1072 specifically includes in income.

2. "Member of the household" means a claimant and any other person residing with the claimant in the homestead during the taxable year, whether or not the person is related to, or a dependent of, the claimant.

B. Household income determines eligibility for, and amount of, a property tax credit. A claimant shall arrive at household income by combining the separately determined income of each member of the household.

C. For purposes of arriving at adjusted gross income for each member of the household, all of the following apply:

1. Income from business or farm activities is net income or loss from business or farm activities, determined in the same manner as income or loss reportable for federal income tax purposes;

2. Income from rents or royalties is gross income from rent or royalty activities less deductions, determined in the same manner as income or loss reportable for federal income tax purposes; and

3. Income from capital gains is the net capital gains and losses for each member of the household. Net losses are limited to $1,500 for each household member.

D. There shall be only one claimant under this Section per household per year.

E. If a claimant files a property tax credit claim, the claimant shall attach the following documents to the claim, as applicable:

1. If the claimant owns a home, a copy of the property tax statement indicating the amount of taxes paid for the tax year, the property tax bill stamped "paid," or copies of cancelled checks for taxes paid and a copy of the property tax bill;

2. If the claimant is a resident of a nursing home or a renter, a copy of the completed Arizona Form 201;

3. If the claimant owns a mobile home and pays rent on the mobile home space, a copy of the completed Arizona Form 201 and a copy of the property tax statement indicating the amount of taxes paid on the mobile home for the tax year, the property tax bill stamped "paid," or copies of cancelled checks for taxes paid and a copy of the property tax bill;

4. If the claimant is a shareholder of a cooperative corporation or a condominium association, a statement of the claimant's pro rata share of the assessed property taxes for the tax year and a copy of either:

a. The mortgage company statement of the corporation or association indicating the total amount of property taxes paid for the tax year; or

b. A copy of the tax bill of the corporation or association stamped "paid;" or

5. If the claimant received Title 16 Supplemental Security Income payments, a statement from the Social Security Administration indicating the amount of payments for the current tax year.

Ariz. Admin. Code § R15-2C-502

Recodified at 6 A.A.R. 2308, filed in the Office of the Secretary of State June 2, 2000 (Supp. 00-2). Amended by final rulemaking at 11 A.A.R. 2441, effective August 6, 2005 (Supp. 05-2).