Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014

Property Tax Annotations

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Annotation 660.0175

660.0175 Modification of Lease. The modification of a lease that renews, extends, or assigns the possessory interest created by the lease results in a change in ownership. However, the restatement into a new format and the addition of an option to extend the term of the lease are not such modifications. When dealing with options to extend the term of a lease, possessory interests are treated differently than options included in leases that do not create possessory interests. In the former, the option must be exercised to constitute a change in ownership, whereas in the latter, options are taken into account in determining whether or not the lease is for a term of 35 years or more. C 3/14/1997.