Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2018

Property Tax Annotations

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Annotation 735.0015

735.0015 Possessory Interests. While the purchase of investment real property by such nontaxable governmental entities as the Public Employees Retirement System requires that any pre-existing leases of the property be enrolled as taxable possessory interests, such acquisition does not, in and of itself, cause the creation of any taxable possessory interests within the meaning of Revenue and Taxation Code section 61(b). While such a purchase results in the separate assessment of any pre-existing leasehold interests as possessory interests, those interests were neither created nor transferred by the sale of the real investment property to the governmental entity. Only when such pre-existing leasehold interests are themselves renewed, extended, or assigned within the meaning of Revenue and Taxation Code section 61(b) does a change in ownership occur. C 4/29/1996.