Residential common areas that meet legislated requirements are to be valued by the Assessor at $500 per parcel at 10% assessment ratio beginning with tax year 2000. (ARS 42-12006 and ARS42-13401 through 42-13404.)
To receive the legislated valuation and classification, the Assessor's Office must have documents showing that the property meets the statutory common area definition. The common area definitions are often found in the organization or association's recorded Covenants, Conditions, and Restrictions. The CC & R's need to include legal descriptions of the common areas.