Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2015
Property Tax Annotations
660.0000 POSSESSORY INTEREST
660.0190 Option to Lease. Execution of an option to lease property from the University of California does not create a taxable possessory interest. Such an instrument is merely an irrevocable offer to lease the property which remains open for a specified period of time, and normally, no rights to possession or exclusive use come into existence until the option is exercised. C 2/6/1985.