Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2017

Property Tax Annotations

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100.0000 AIRCRAFT

Annotation 100.0008

100.0008 Business Inventory Exemption. For consigned aircraft to be eligible for the business inventory exemption, they must be held for sale or lease in the ordinary course of business on the lien date, in accordance with the regular and usual practice and method of the business of the consignor, and all the other requirements of Revenue and Taxation Code section 129 and Property Tax Rule 133 must be met. When determining whether a property placed on consignment qualifies for the exemption, the assessor must ascertain the true intent of the owner. Factors that reflect that intent include the property’s actual use before and after the lien date, the length of a consignment or lease, and the location of the property. The assessor should consider all evidence in determining whether or not the taxpayer has met the burden of showing that the property is held for sale or lease in the broker’s ordinary course of business. C 11/3/2011.