Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014
 

Property Tax Annotations


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P

660.0000 POSSESSORY INTEREST

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.