Laws, Regulations & Annotations

C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0554

220.0554 Possessory Interests. The valuation method prescribed in Government Code section 33673 for former redevelopment agency property is not valid when that property has been transferred to a successor agency. Because a taxable possessory interest was created when property was leased by the redevelopment agency, the transfer of the fee interest in that property to a successor agency does not result in a change in ownership of the taxable possessory interest under Revenue and Taxation Code section 61(b) and Property Tax Rule 21(a)(9). Therefore, the assessed value of the taxable possessory interest is the lesser of the base year value established when the property was first leased factored pursuant to Revenue and Taxation Code section 51 or the fair market value. C 6/11/2015.