Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2018

Property Tax Annotations

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Annotation 205.0201

205.0201 Property Held for Lease. The following types of property are eligible for the exemption:

1. Goods held for lease not actually out on lease on the lien date, and not used by, or intended to be used by, the lessor for some purpose other than the prospective sale or lease of such goods.

2. Linen supplies that are leased to customers if not out on lease on the lien date.

3. Ski rental equipment held for short-term rentals if not out on lease on the lien date.

4. Coin-operated pool tables, shuffle boards, but only when held for sale or rent.

5. Items held for lease by a person who has himself leased the items from someone else.

6. Raw materials, work in process, or finished goods if they will become part of or are themselves items of personalty held for sale or lease.

7. Boats held for rental purposes in the normal course of business. This applies even though the boat rental activity may be suspended during the winter.

8. Horses held by a riding stable for rent on an hourly or daily basis, provided the horses are removed from the stable's place of business and are not directly under the owner's control during the rental period and provided the horses are not used by the owner when not rented.

9. Tools held by a short-term rental business if not out on lease on the lien date.

10. Cable television converters held for sale or lease by a cable company.

11. Supplies of motor fuels held by a rental operation where the fuels will be provided to a customer with the rental of a machine.

The following types of property are ineligible:

1. Vending machines held in the owner's hands that are normally placed on site to dispense food, unless the machines are held for rent.

2. Merry-go-rounds and other amusement rides.

3. Golf carts held for short-term rental.

4. Supplies of motor fuels held by an equipment operator where the fuels are consumed by the operator's equipment during the performance of a job. LTA 4/25/1980 (No. 80/69); C 11/8/1995.