The corporation and its income and all bonds issued by it and the income therefrom shall be exempt from all taxation in this state, except that property of the corporation shall be subject to all applicable ad valorem taxes. If such property is leased, such ad valorem taxes shall be charged to the lessee as fully as if the lessee were the owner of such leased property.
A.R.S. § 35-831
Exemption from taxation
Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.