Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2016
Property Tax Annotations
220.0000 CHANGE IN OWNERSHIP
220.0342 Leases. A right of first refusal to extend a lease is not a renewal option since it merely gives the lessee a right to a new term conditioned upon the lessor's willingness to again lease the property at the end of the original term, not an absolute right to a new term. Thus, if a lease term for less than 35 years exists at the time the property is sold or transferred, there is a change in ownership of the property even though the lease provides for a right of first refusal. C 1/5/1987.