Laws, Regulations & Annotations

PTLG Table of Contents > Property Tax Annotations > R > 735.0000 RETIREMENT SYSTEMS (PUBLIC) PROPERTY > 735.0009

Property Taxes Law Guide – Revision 2017

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735.0000 RETIREMENT SYSTEMS (PUBLIC) PROPERTY

Annotation 735.0009

735.0009 Limited Liability Company. Ownership of a limited liability company (LLC) that owns real property is not equivalent to direct ownership of that real property. The separate entity theory is equally applicable to limited liability companies as it is to corporations. Under Corporations Code section 17300, members of an LLC hold no direct ownership interest in an LLC's assets. Thus, real property that is owned by an LLC that is owned by a retirement system is not exempt from property tax. C 12/14/2010.