Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2018

Property Tax Annotations

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Annotation 880.0127

880.0127 Lease. Equipment supplied by a for-profit entity to an organization qualified for the exemption may or may not be eligible for exemption, depending upon whether the agreement between the parties is a sale or a lease. The agreement form is not controlling, and the determination of the proper classification of the agreement should be based on the intent of the parties as reflected by the preponderance of the agreement terms. The term of possession, the amount of payments to be made, the tax treatment afforded the equipment on the supplier's books, and all the relevant aspects of the agreement should be considered. C 8/11/1987.