§ 472. Valuation of Real Property Interests in Timeshare Estates and Timeshare Uses.
18 CA ADC § 472Barclays 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 § 472
§ 472. Valuation of Real Property Interests in Timeshare Estates and Timeshare Uses.
(c) The full value of the real property interest of a timeshare estate or use shall not include the value of any personal property or other nonreal property items. Such items include, but are not limited to, vacation exchange rights, vacation conveniences and services, and club memberships, as defined in subdivisions (d), (e), and (f).
The value of any nonreal property items included in the purchase price of a timeshare estate or use which are provided to the timeshare interest owner in exchange for a periodic fee or charge which is separate from the purchase price of the timeshare estate or use shall not be considered in the determination of the full value of the real property of the timeshare estate or use.
(d) “Nonreal property vacation exchange rights” shall include, but not be limited to, internal and external exchanges. An internal exchange means an exchange arranged by the timeshare project developer or operator for a timeshare estate or use owner between two or more resorts owned by the same developer or operator. An external exchange means an exchange arranged by an independent exchange network, which has a contractual relationship with either the timeshare project development or the individual timeshare owner.
(f) “Nonreal property club memberships” shall include memberships in recreational enterprises that are in the nature of licenses or permits to use real property but do not grant ownership interests in that property. Evidence that a membership grants a license or permit rather than an ownership interest includes, but is not limited to, the fact that the membership is offered as an option to timeshare purchases and that such memberships are also offered to others who do not own timeshare estates or uses.
(1) Determine the full value of resort properties, condominiums, cooperatives, or other properties not marketed in increments of time but which are comparable to the subject property in terms of size, type, and location. Divide such full value by a unit of time equal to the timeshare interest being valued.
Credits
Note: Authority cited: Section 15606, Government Code. Reference: Section 998, Revenue and Taxation Code.
History
1. New section filed 1-10-85; effective thirtieth day thereafter (Register 85, No. 2).
2. Change without regulatory effect amending subsection (a) and Note filed 3-19-2015 pursuant to section 100, title 1, California Code of Regulations (Register 2015, No. 12).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 18, § 472, 18 CA ADC § 472
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