Sales tax paid on the purchase of machinery, equipment amid certain other tangible property may be exempted if the applicant business qualifies for job and investment tax credits and is located within a state designated Enterprise Zone. This exemption extends to manufacturing machinery and equipment as well as to any quality control and pollution control equipment installed. All sales of manufacturing machinery amid equipment are exempt from sales taxes Also, machinery and equipment purchased primarily for use in the assembly, processing, finishing, storing, warehousing, or distribution of tangible personal property intended for resale. All merchants' and manufacturers' inventories have been exempt from property taxes by constitutional amendment since 1989. TAX - Both real and tangible personal property are subject to ad valorem taxation by cities, counties and special taxing districts.
Intangible property is classified amid taxed separately.
All property is appraised at its fair market value. The rate of tax depends on the levy of the local taxing district. Both real and tangible personal property is assessed by the county assessor in the taxing district in which the property is located. Taxes are paid to the county treasurer.