Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014

Property Tax Annotations

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Annotation 220.0343

220.0343 Leases. Only that portion of a property subject to a Revenue and Taxation Code section 61(c) lease or transfer shall be considered to have undergone a change in ownership, e.g., a qualifying lease of one shop in a shopping center requires reappraisal of only the shop.

When real property subject to a lease changes ownership, the total reappraised value should include both the leasehold and the leased fee, i.e., the property should be valued as if unencumbered by a lease. LTA 2/19/1980 (No. 80/25).