§ 29. Possessory Interests in Taxable Government-Owned Real Property.
18 CA ADC § 29Barclays Official California Code of Regulations
18 CCR § 29
§ 29. Possessory Interests in Taxable Government-Owned Real Property.
(9) The “section 11 value of taxable government-owned real property” means the sum of: (i) the section 11 assessment amount for the taxable lands included in the real property on the lien date, computed pursuant to subdivisions (b) and (c) of section 11; (ii) the section 11 assessment amount for any taxable replacement improvements included in the real property on the lien date computed pursuant to the provisions of subdivision (d) of section 11; and (iii) the fair market value of other taxable improvements included in the real property on the lien date, if any.
Except as set forth below in subsection (c) of this regulation, taxable possessory interests in taxable government-owned real property, excluding those created as a result of the possessor having a lease for agricultural purposes, shall be assessed and taxed for purposes of property taxation in the same manner as other taxable possessory interests.
On each lien date, the total assessed value of all taxable possessory interests in an appraisal unit of taxable government-owned real property shall be determined. If the total assessed value of all taxable possessory interests on the lien date exceeds the section 11 taxable possessory interest limitation amount on the lien date, then the assessed values of the taxable possessory interests shall be reduced as follows: (i) if there is only one taxable possessory interest in the appraisal unit of taxable government-owned real property on the lien date, then the assessed value of that taxable possessory interest shall be reduced so that it does not exceed the section 11 taxable possessory interest limitation amount; or (ii) if there is more than one taxable possessory interest in the appraisal unit of taxable government-owned real property on the lien date, then the assessed value of each such taxable possessory interest shall be ratably reduced in the proportion that it bears to the total assessed value of all taxable possessory interests until the total assessed value of all taxable possessory interests no longer exceeds the section 11 taxable possessory interest limitation amount.
Credits
Note: Authority cited: Section 15606(c), Government Code. Reference: Article XIII, Section 11, California Constitution.
History
1. New section filed 1-10-2002; operative 2-9-2002 (Register 2002, No. 2).
This database is current through 4/19/24 Register 2024, No. 16.
Cal. Admin. Code tit. 18, § 29, 18 CA ADC § 29
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