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In accordance with the provisions of Chapter XVIII, Section 10, of this Charter, all goods, merchandise, raw material, finished products, stock and inventory, whether unfabricated, partly fabricated, or fully fabricated, exclusively used or intended for use in and about, or in connection with the operation or maintenance or both of any manufactory or manufactories located within the City of Phoenix shall be exempt from all taxation. This exemption shall pertain exclusively to personal property known as inventories of manufactories. In accordance with the provisions of Chapter XVIII, Section 10, of this Charter all equipment and machinery exclusively used in the operation or maintenance or both of any manufactory or manufactories located within the City of Phoenix which shall be primarily engaged in the fabrication of products shall be assessed for tax purposes at thirty percent (30%) of their valuation based on cost less depreciation.