Laws, Regulations & Annotations

L

570.0000 LESSOR'S EXEMPTION

Annotation 570.0005

570.0005 One-Time Filing. A lessor leasing property to free public libraries or museums, public schools, community colleges, state colleges, state universities, or nonprofit institutions of higher education need not annually file an exemption claim on such property where the exempt organization has the option at the end of the lease to acquire the leased property for one dollar ($1) or any other nominal sum. The lessor need only to file an affidavit with the assessor within 120 days of the commencement date of the lease, or within 120 days of January 1, 1988, in the case of an existing lease, identifying the subject property and attesting to the purchase option. LTA 3/9/1988 (No. 88/20).