California § 107.1. 107.1. (Amended by Stats. 1970, Ch. 554.)

California Statutes

§ 107.1. — 107.1. (Amended by Stats. 1970, Ch. 554.)

California § 107.1.

JurisdictionCalifornia

Code RTCRevenue and Taxation Code - RTC

Div. 1.DIVISION 1. PROPERTY TAXATION

Part 1.PART 1. GENERAL PROVISIONS

Ch. 1.CHAPTER 1. Construction

This text of California § 107.1. (107.1. (Amended by Stats. 1970, Ch. 554.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Revenue and Taxation Code - RTC Code § 107.1. (2026).

Text

The full cash value of a possessory interest, when arising out of a lease of exempt property, is the excess, if any, of the value of the lease on the open market, as determined by the formula contained in the case of De Luz Homes, Inc.

v.County of San Diego (1955), 45 Cal. 2d 546, over the present worth of the rentals under said lease for the unexpired term thereof. A possessory interest taxable under the provisions of this section shall be assessed to the lessee on the same basis or percentage of valuation employed as to other tangible property on the same roll. This section applies only to possessory interests created prior to the date on which the decision of the California Supreme Court in De Luz Homes, Inc.

v.County of San Diego (1955), 45 Cal. 2d 546, became final. It does not, ho

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The full cash value of a possessory interest, when arising out of a lease of exempt property, is the excess, if any, of the value of the lease on the open market, as determined by the formula contained in the case of De Luz Homes, Inc. v. County of San Diego (1955), 45 Cal. 2d 546, over the present worth of the rentals under said lease for the unexpired term thereof.
A possessory interest taxable under the provisions of this section shall be assessed to the lessee on the same basis or percentage of valuation employed as to other tangible property on the same roll.
This section applies only to possessory interests created prior to the date on which the decision of the California Supreme Court in De Luz Homes, Inc. v. County of San Diego (1955), 45 Cal. 2d 546, became final. It does not, however, apply to any of such interests created prior to that date that thereafter have been, or may hereafter be, extended or renewed, irrespective of whether the renewal or extension is provided for in the instrument creating the interest.
This section does not apply to leasehold estates for the production of gas, petroleum and other hydrocarbon substances from beneath the surface of the earth, and other rights relating to such substances which constitute incorporeal hereditaments or profits a prendre.