Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014

Property Tax Annotations

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Annotation 660.0300

660.0300 Term of Possession. When a governmental agency leases contiguous pieces of property to a single lessee so as to create what appear to be different terms of possession, e.g., one renewable annually by the payment of a fee and the other for a term of 30 years, the term of possession for appraisal and assessment purposes turns on whether the properties are to be used together so as to constitute a single operating and appraisal unit.

If it is unreasonable to conclude that either property would be operated without the other, then it is appropriate to enroll a base-year value for both properties based upon an appraisal that employs the longer term, i.e., 30 years in the above example. The so-called "renewable" interest should not be reappraised each year. C 3/4/1987.