Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2017
Property Tax Annotations
660.0000 POSSESSORY INTEREST
660.0075 Effective Date. In 1985, Company E leased a terminal owned by the City of Los Angeles until March 2003. In 1998, Company E executed another lease agreement that took effect on November 16, 2001, for the same real property plus additional acreage. The second lease provided that, upon execution, the first lease terminated. The second lease did not renew or extend the possessory interest created by the first lease, but rather the second lease created a new possessory interest resulting in a change in ownership on the effective date of the second lease, November 16, 2001, and not on the original termination date of the first lease. C 1/25/2005.