Laws, Regulations & Annotations

P

690.0000 PUBLIC SCHOOLS EXEMPTION

Annotation 690.0043

690.0043 Possessory Interest. Corporation is a California public benefit non-profit corporation, an official auxiliary organization of The California State University formed for purposes supportive of the University, and a corporation separate from, independent of, and not under the control of the University Trustees. Corporation leased property from University Trustees to construct and manage faculty and staff housing.

Corporation is eligible for the public schools exemption if on the lien date the unit is rented to a faculty member, staff member, or student, and the exemption requirements are met. If the unit is vacant or rented to someone other than a faculty member, staff member, or student, Corporation�s possessory interest in the land and its unit are not eligible for exemption. If the renter changes mid-year, the assessor must determine whether or not the creation of the possessory interest in the land was a change in ownership of a taxable possessory interest, and whether or not the lease of the unit was a change in ownership of the unit. In the event of a change or changes in ownership, the assessor must make appropriate supplemental assessments. C 12/4/2012.