ARM 42.20.503. DETERMINATION OF CURRENT YEAR PHASE-IN VALUE FOR CLASS THREE, CLASS FOUR, AND CLASS TEN PROPERTY

(1) For tax years 2003 through 2008, the department is required to determine the current year phase-in value for each property in class three, class four, and class ten annually. The current year phase-in value is determined by subtracting the 2002 VBR from the 2003 reappraisal value multiplied by the applicable phase-in percentage, the product of which is added to the 2002 VBR value. The calculations of the phase-in values are represented by the following formula: 2003 Phase-in = [(2003 reappraisal value - 2002 VBR value) x 16.66%] + 2002 VBR 2004 Phase-in = [(2003 reappraisal value - 2002 VBR value) x 33.32%] + 2002 VBR 2005 Phase-in = [(2003 reappraisal value - 2002 VBR value) x 49.98%] + 2002 VBR 2006 Phase-in = [(2003 reappraisal value - 2002 VBR value) x 66.64%] + 2002 VBR value 2007 Phase-in = [(2003 reappraisal value - 2002 VBR value) x 83.30%] + 2002 VBR value 2008 Phase-in = 2003 reappraisal value