Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2014
Property Tax Annotations
505.0000 HOMEOWNERS' EXEMPTION
505.0074 Possessory Interest—Leasehold Estate. Homeowners who sold their residence to a redevelopment agency and immediately leased it back acquired a taxable possessory interest in the residence. As a leasehold estate, the homeowners' interest in the property is not eligible for the exemption. C 3/10/1998.