Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2014
Property Tax Annotations
660.0000 POSSESSORY INTEREST
660.0200 Option to Renew. The granting of an option to renew an existing possessory interest creates only a contractual right and is not within the definition of change in ownership. The exercise of such an option would be a change in ownership as of the date the option is exercised. LTA 6/13/1988 (No. 88/41).