Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2013
 

Property Tax Annotations


A    B    C    D    E    F    G    H    I    L    M    N    O    P    R    S    T    U    V    W   

C

280.0000 CONTRACT

See Change in Ownership

280.0001 Lease or Conditional Sales Contract. In determining whether a contract is a lease or a conditional sales contract, the intent of the parties, derived from the substance of the contract, is critical. A contract identifying itself as a lease may, in actuality, be a conditional sales contract and vice versa. With any given contract, some of the terms may be indicative of a lease, while others may point towards a conditional sales contract. Terms to be considered in this regard are the contract term and payments, and any ownership or title terms. Also relevant is how the lessor-seller treats the property for accounting purposes. LTA 9/7/1979 (No. 79/155).