Tax Type
Local Taxes
Property Tax
Description
Leasehold Interest in Tax-Exempt Property;Basis of Tax
Topic
Basis of Tax
Local Taxes Discussion
Date Issued
06-07-1977
For property tax purposes, a leasehold interest in tax-exempt property is assessed on the basis of the property's fair market value, determined as if the property were owned by the lessee and were not subject to the lease agreement.
Attorney General's Opinion