11-1131. Definitions
109 words·~1 min read·
/az/title-11/11-1131A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this article, unless the context otherwise requires:
1. "Department" means the department of revenue.
2. "Value" means:
(a)In any case other than a gift, the amount of the full actual consideration that is paid or to be paid, including the amount of any lien or liens.
(b)In the case of a gift or a contract or deed with nominal consideration or without stated consideration, the estimated price the property would bring in an open market and under the prevailing market conditions in a sale between a willing seller and a willing buyer, both of whom are conversant with the property and with prevailing general price levels.