Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2014
Property Tax Annotations
880.0000 WELFARE EXEMPTION
(a) IN GENERAL
880.0128 Lease. Property leased for a term of 35 years or more to an organization qualified for the exemption by a person who is not qualified for the exemption remains ineligible for the exemption. While the execution of a 35 year lease constitutes a basis for reappraisal for assessment purposes, it does not make the lessee an owner of the property, as is required for exemption. C 12/27/1984.