Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2013
Property Tax Annotations
220.0000 CHANGE IN OWNERSHIP
220.0323 Lease Option. A lease for a term of less than 35 years to mine sand and gravel constitutes a change in ownership of the mineral rights under Revenue and Taxation Code section 61(a). However, if a lease option is executed, no change in ownership will occur until the option is exercised. A true option to lease is not a change in ownership because the option holder acquires no beneficial use of the property until the option is exercised. C 6/19/2006.