Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2013
Property Tax Annotations
660.0000 POSSESSORY INTEREST
660.0320 Termination. A lessee who owns a taxable possessory interest on any given lien date but who has the lease terminated on the succeeding July 31 is eligible for a refund if the value of the possessory interest was based upon a term of possession longer than the actual term, provided he or she files an assessment appeal.
If the property were leased to a second lessee, for example, in September, a new taxable possessory interest would be created, a new base-year value would be determined, and a supplemental assessment would be appropriate. C 9/11/1985.