Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2013
 

Revenue and Taxation Code

Property Taxation

Part 2. Assessment

Chapter 3. Assessment Generally

Article 2.5. Change in Ownership Reporting*

Section 480.6

480.6. Change in ownership statement; possessory interest. (a) Notwithstanding any other provision of law, a holder of a possessory interest in real property that is owned by a state or local governmental entity is not required to file a preliminary change in ownership report or change in ownership statement with respect to any renewal of that possessory interest. Instead, every state or local governmental entity that is the fee owner of real property in which one or more taxable possessory interests have been created shall either file any preliminary change in ownership report or change in ownership statement otherwise required to be filed with respect to any renewal of a possessory interest, or annually file with the county assessor, no later than the 15th day of the first month following the month in which the lien date occurs, a real property usage report. The report shall include all of the following information:

(1) The name and address of the fee owner of the real property.

(2) The name and address of each holder of a possessory interest in the real property.

(3) The types of transactions in which the holders of the possessory interests acquired those interests, whether creations, renewals, subleases, or assignments.

(4) The description of the subject real property.

(5) The date of each transaction in which a holder of a possessory interest in the real property acquired that interest.

(6) The terms of each transaction described in paragraph (5), including all of the following:

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

(B) The terms of the possessory interest, including any renewal or extension option.

(C) For any subleases, the original term and remaining term of the sublease, and the consideration paid for the master lease.

(D) For any assignments, the original term and remaining term of the assignment, and the consideration paid for the underlying lease.

(b) The failure of a state or local governmental entity to comply with this filing requirement shall not give rise to any interest or penalties assessed against the holder of the possessory interest.

History.—Added by Stats. 1995, Ch. 498, in effect January 1, 1996. Stats. 1996, Ch. 171, in effect July 17, 1996, added subdivision letter designation (a) before "Notwithstanding any other", substituted "is not be required" for "shall not be required" after "governmental entity" in the first sentence, substituted the second sentence for the former second sentence, which stated "Any preliminary change in ownership report or change in ownership statement that is required to be filed with respect to a possessory interest as described in the preceding sentence shall be filed in accordance with this article by the state or local governmental entity that is the fee owner of the property in which the relevant possessory interest has been created.", and added the third sentence, and the balance of subdivision (a); and added subdivision letter designation (b) before the former third sentence commencing with "The failure of".

* 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.