Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014
 

Revenue and Taxation Code

Property Taxation

Part 2. Assessment

Chapter 3. Assessment Generally

Article 2.5. Change in Ownership Reporting*

Section 480.5

480.5. Real property usage reports. (a) Every owner of tax-exempt real property shall report to the local assessor the creation, renewal, sublease, or assignment of any lease, sublease, license, use permit, or other document which conveys the right to use that real property within 60 days of the transaction. The report shall include all of the following:

(1) The name and address of the owner.

(2) The names and addresses of all other parties to the transaction, including an identification of each party and of his or her possessory interest.

(3) The type of transaction, whether creation, renewal, sublease, or assignment.

(4) A description of the property.

(5) The date of the transaction.

(6) The terms of the transaction, including all of the following:

(A) The consideration for the possessory interest, whether paid in money or otherwise.

(B) The term of the possessory interest, including any renewal or extension options.

(C) If a sublease, the original term, the remaining term, and the consideration paid for the master lease.

(D) If an assignment, the original term, the remaining term, and the consideration paid for the underlying lease.

(b) This section shall be applicable only in those counties in which the board of supervisors, by ordinance or resolution, specifically elects to have this section applicable in the county.

History.—Added by Stats. 1984, Ch. 872, in effect January 1, 1985. Stats. 1985, Ch. 106, effective January 1, 1986, renumbered the section which was formerly numbered 480.4. Stats. 1990, Ch. 892, in effect January 1, 1991, deleted "This section shall remain in effect only until January 1, 1991, and as of that date is repealed, unless a later enacted statute which is chaptered on or before January 1, 1991, deletes or extends that date." in subdivision (b).

Note.—Section 2 of Stats. 1984, Ch. 872 provided no payment by state to local governments because of this act, however, a local agency or school district may pursue any remedies to obtain reimbursement.

* Article 2.5 was added by Stats. 1979, Ch. 242, in effect July 10, 1979.

Note.—Section 44 of Stats. 1979, Ch. 242, provided no payment by state to local governments because of this act.