Arizona Tax Court Finds Property Full Cash Value Capped at Market Value

The Arizona Tax Court ruled in a case concerning a property tax valuation dispute, involving an electric generation facility, that the full cash value of property is capped at market value, and that the full cash value of property is either the statutory value or market value, whichever is lower. The Court made the ruling in the context of a motion by the defendant Department of Revenue to file an amended answer, and motion by the plaintiff owner of the power plant to amend the complaint, following remand of the case by the Arizona Supreme Court. [Mesquite Power LLC v. ...