Logical OR not functioning

Is there something wrong with the code? Because, when I am removing the OR in the statement, I am getting the right output, but when I'm inserting the || the output that I'm getting is what's in the statement where the OR operator is located.

 $(document).ready(function(){
        $("#select1").change(function(){
            if($(event.target).val() == 'AK'){
                    $("#select2").change(function(){
                        if($(event.target).val() == 'LLC'){
                            $('#txt6').val('250.00');
                        }else{
                            $('#txt6').val('250.00');
                        }
                    }); 
                }else if($(event.target).val() == 'AR'  || 'CO' || 'HI' || 'IA' || 'MS'){
                    $("#select2").change(function(){
                        if($(event.target).val() == 'LLC'){
                            $('#txt6').val('50.00');
                        } else{
                            $('#txt6').val('50.00');
                        }
                    });
            }else
            if($(event.target).val() == 'AZ'){
                    $("#select2").change(function(){
                        if($(event.target).val() == 'LLC'){
                            $('#txt6').val('50.00');
                        } else{
                            $('#txt6').val('60.00');
                        }
                    });
                }else
}else
        if($(event.target).val() == 'WI'){
                $("#select2").change(function(){
                    if($(event.target).val() == 'LLC'){
                        $('#txt6').val('103.00');
                    } else{
                        $('#txt6').val('103.00');
                    }
                });
            }else
        {
            $("#select2").change(function(){
                    if($(event.target).val() == 'LLC'){
                        $('#txt6').val('186.00');
                    } else{
                        $('#txt6').val('186.00');
                    }
                });
        }
    });
});