Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2013
 

Property Tax Annotations


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E

400.0000 EXEMPTION

Annotation 400.0052

400.0052 Property Acquired After Beginning of Fiscal Year. Revenue and Taxation Code section 271(a)(3) applies to secured roll personal property as well as to secured roll land and improvements acquired by the types of organizations specified in that section. Acquisitions occurring after the beginning of a fiscal year are exempt from tax on a prorated basis that reflects the period during the fiscal year that the organization owned the property, if all exemption requirements are met. Section 271 provides exemption application filing requirements and reductions in relief when applications are not timely filed. LTA 2/7/1996 (No. 96/07).