Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2013
 

Property Tax Annotations


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R

735.0000 RETIREMENT SYSTEMS (PUBLIC) PROPERTY

Annotation 735.0010

735.0010 Partnership. Real property transferred from the California Public Employees Retirement System (CalPERS) to a partnership in which CalPERS is the majority partner is not exempt from property taxation. The property tax exemption for property owned by the state extends only to property owned directly by CalPERS and not to property owned by a legal entity in which CalPERS holds an ownership interest. Thus, a transfer of real property from CalPERS to such a partnership would result in a change in ownership of the property and, absent an applicable exclusion, reassessment of the property. C 6/4/1999.