Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2018

Property Tax Annotations

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160.0000 ASSESSEE

Annotation 160.0020

160.0020 Personal Property Leased by a Bank or Financial Corporation. Pursuant to Revenue and Taxation Code section 235, a lessee of personal property owned by a bank or financial corporation is conclusively presumed to be the owner of the property. Thus, in light of Revenue and Taxation Code section 441, which requires every person owning personal property to file a property statement, such a lessee must file a property statement if the property has an aggregate cost of $30,000 or more. Revenue and Taxation Code sections 441(d) and 442 and Roberts v. Gulf Oil Corp., 147 Cal.App.3d 770, however, require the bank or financial corporation to continue to report the leased property on its property statement. C 4/14/1987.

Note: Stats. 1995, Ch. 498 changed $30,000 threshold to $100,000.