42-11114 - Arizona Statutes

42-11114. Exemption for property held for conveyance as parkland; recapture A. Property that is held by a charitable organization, recognized under section 501(c)(3) of the internal revenue code or under section 43-1201, for transfer to this state or to a political subdivision of this state to be used as parkland is exempt from taxation if the charitable organization does not receive rent or valuable consideration. B. If property that is exempt under this section is transferred to an entity other than this state or a political subdivision of this state or if the property is used or occupied by or for the benefit of any other person, the charitable organization is liable for all tax, interest and penalties that would be due if the property were not exempt from taxation.