California Revenue and Taxation Code

§ 61

RTC § 61 Effective Jan 1, 2011Div. 1 · Part 0.5 · Ch. 2

Statute text

Except as otherwise provided in Section 62, change in ownership, as defined in Section 60, includes, but is not limited to:

(a)The creation, renewal, sublease, assignment, or other transfer of the right to produce or extract oil, gas, or other minerals regardless of the period during which the right may be exercised. The balance of the property, other than the mineral rights, shall not be reappraised pursuant to this section.

(b)The creation, renewal, extension, or assignment of a taxable possessory interest in tax exempt real property for any term. For purposes of this subdivision:

…

Legislative history

Amended by Stats. 2010, Ch. 654, Sec. 2. (SB 1494) Effective January 1, 2011.