A.R.S. § 11-1131: Definitions

In this article, unless the context otherwise requires:

1. "Department" means the department of revenue.

2. "Value" means:

(a) In any case other than a gift, the amount of the full actual consideration that is paid or to be paid, including the amount of any lien or liens.

(b) In the case of a gift or a contract or deed with nominal consideration or without stated consideration, the estimated price the property would bring in an open market and under the prevailing market conditions in a sale between a willing seller and a willing buyer, both of whom are conversant with the property and with prevailing general price levels.