11-1131. Definitions 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.
‹ Prev All Arizona sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.