Residential common areas that meet statutory requirements are to be valued by the Assessor at $500 per parcel and placed into Legislative Class 4 ( 10% assessment ratio). (ARS 42-12004 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.