Property owned by the taxpayer is valued at its original cost. Property rented by the taxpayer is valued at eight times the net annual rental rate. Net annual rental rate is the annual rental rate paid by the taxpayer less any annual rental rate received by the taxpayer from subrentals.
Valuation of property
A.R.S. § 43-1141 — under Uniform Division of Income for Tax Purposes Act.
A.R.S. § 43-1141