Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2018

Property Tax Annotations

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Annotation 660.0145

660.0145 Leased Property Acquired by Exempt Entity. A public retirement system purchased property from a private party subject to an existing lease. The leasehold interest becomes a separately assessable taxable possessory interest; however, for purposes of valuing the possessory interest, the purchase is not considered the creation of a taxable possessory interest resulting in a change in ownership for purposes of Revenue and Taxation Code section 61(b) requiring each taxable possessory interest created to be appraised at current market value. If and when the purchaser negotiates renewals of leases or enters into new leases, a change in ownership requiring reappraisal would occur. C 4/29/1996.