Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2014
Property Tax Annotations
660.0000 POSSESSORY INTEREST
660.0142 Lease and Leaseback. A lease and leaseback of property owned by a governmental agency creates a taxable possessory interest which may be eligible for exemption pursuant to Revenue and Taxation Code section 231. However, the exemption does not apply to the possessory interest if the property is vacant and unused on any given lien date. C 9/30/1987.