Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2012

Revenue and Taxation Code

Property Taxation

Part 2. Assessment

CHAPTER 1. Taxation Base

Article 1. Taxable and Exempt Property

Section 201.1

201.1. Transit development board; property of wholly owned, nonprofit entity. Property owned by a nonprofit entity, in which a transit development board has the sole ownership interest in the entity, shall be deemed to be property owned by the transit development board for purposes of this division. To the extent that the property is possessed, or a claim to or right to possession of the property exists, for other than public purposes, the interest shall be deemed a possessory interest as defined in Section 107.

It is the intent and purpose of this section to clarify Section 3 of Article XIII of the California Constitution and, therefore, this section does not constitute a change in, but is declaratory of, the existing law. Furthermore, this section shall not be construed to exempt, from ad valorem property taxation, property of any transit development board located outside of its boundaries.

History.—Added by Stats. 1981, Ch. 4, in effect February 27, 1981. Stats. 1981, Ch. 414, in effect January 1, 1982, deleted the third and fourth paragraphs which provided the exemption "shall be in effect only during the 1981–82 assessment year."

Note.—Section 2 of Stats. 1981, Ch. 414, provided no payment by state to local governments because of this act.