Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2015

Property Tax Annotations

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Annotation 660.0260

660.0260 Sale and Leaseback. When the terms of a sale and leaseback agreement indicate that a governmental agency has entered a financial transaction designed to provide funds for the building of a county facility and the agreement is not a true sale, the county retains ownership and the "lessee" obtains a possessory interest. If the "lessee" is not qualified for exemption under Revenue and Taxation Code section 231, the possessory interest becomes taxable. See City of Desert Hot Springs v. Riverside County (1979) 91 Cal.App.3d 441. C 9/22/1987.