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§ 462.100. Change in Ownership--Leases.

18 CA ADC § 462.100Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 18. Public Revenues
Division 1. State Board of Equalization--Property Tax (California Department of Tax and Fee Administration -- Timber Yield Tax, See Chapter 11)
Chapter 4. Equalization by State Board
Article 4. Change in Ownership and New Construction
18 CCR § 462.100
§ 462.100. Change in Ownership--Leases.
Currentness
(a) The following transfers of either the lessee's interest or the lessor's interest in taxable real property constitute a change in ownership of such real property:
(1) Lessee's Interest:
(A) the creation of a leasehold interest in real property for a term of 35 years or more.
(B) the transfer, sublease, or assignment of a leasehold interest with a remaining term of 35 years or more.
(C) the termination of a leasehold interest which had an original term of 35 years or more.
(2) Lessor's Interest:
(A) The transfer of a lessor's interest in taxable real property subject to a lease with a remaining term of less than 35 years.
(B) The transfer of a lessor's interest in taxable real property subject to multiple leases, one or more of which is for a remaining term of less than 35 years and one or more of which is for a remaining term of 35 years or more, in which case there is a change in ownership of the portion of the property subject to the lease(s) with a remaining term of less than 35 years.
(b) The following transfers of either the lessee's interest or the lessor's interest in taxable real property do not constitute a change in ownership of such real property.
(1) Lessee's interest:
(A) The creation of a leasehold interest in real property for a term of less than 35 years.
(B) The transfer, sublease, or assignment of a leasehold interest with a remaining term of less than 35 years (regardless of the original term of the lease).
(C) The termination of a leasehold interest which had an original term of less than 35 years.
(2) Lessor's interest:
(A) The transfer of a lessor's interest in real property subject to a lease with a remaining term of 35 years or more, whether to the lessee or another party.
(c) Once a change in ownership of taxable real property subject to a lease has been deemed to have occurred, the entire property subject to the lease is reappraised (i.e., the value of both the lessee's interest and the reversion).
(d) The calculation of the term of a lease for all purposes of this section shall include written renewal options.
(e) It shall be conclusively presumed that all homes (other than mobilehomes subject to Part 13 of Division 1 of the Revenue and Taxation Code) eligible for the homeowners' exemption which are on leased land have written renewal options on the lease of such land of at least 35 years, whether or not such renewal options in fact exist in any contract or agreement.

Credits

Note: Authority cited: Section 15606, Government Code. Reference: Sections 60, 61, 62 and 67, Revenue and Taxation Code.
History
1. Change without regulatory effect renumbering and amending former subsections 462(f)(1)-(5) to section 462.100 filed 5-11-94 pursuant to title 1, section 100, California Code of Regulations (Register 94, No. 19).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 18, § 462.100, 18 CA ADC § 462.100
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