Laws, Regulations & Annotations

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680.0000 PROPERTY STATEMENT

Annotation 680.0100

680.0100 Statement Not Required. Where a lessor leasing property to free public libraries or museums, public schools, community colleges, state colleges, state universities, or nonprofit institutions of higher education which have the option at the end of the lease to acquire the leased property for one dollar ($1) of any other nominal sum, and where the lessor files 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, the lessor no longer needs to report the property on its annual property statement. The assessor should enroll the property as belonging to the exempt entity. LTA 3/9/1988 (No. 88/20).