Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2018

Property Tax Annotations

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280.0000 CONTRACT

See Change in Ownership

280.0001 Lease or Conditional Sales Contract. In determining whether a contract is a lease or a conditional sales contract, the intent of the parties, derived from the substance of the contract, is critical. A contract identifying itself as a lease may, in actuality, be a conditional sales contract and vice versa. With any given contract, some of the terms may be indicative of a lease, while others may point towards a conditional sales contract. Terms to be considered in this regard are the contract term and payments, and any ownership or title terms. Also relevant is how the lessor-seller treats the property for accounting purposes. LTA 9/7/1979 (No. 79/155).