§ 4.64.160. Taxable possessory interests in tax-exempt property—Report requirements.

A.

Every owner of tax-exempt real property located in the county of Los Angeles shall report to the assessor the creation, renewal, sublease or assignment of any lease, sublease, license, use permit, or other document which conveys the right to use that real property, within sixty days of the transaction. The report shall include all of the following:

1.

The name and address of the owner;

2.

The names and addresses of all other parties to the transaction, including an identification of each party and his or her possessory interest;

3.

The type of transaction whether creation, renewal, sublease, or assignment;

4.

The description of the property;

5.

The date of the transaction;

6.

The terms of the transaction, including all of the following:

a.

The consideration for the possessory interests, whether paid in money or otherwise,

b.

The term of the possessory interest, including any renewal or extension options,

c.

If a sublease or assignment, the original term, remaining term and full consideration paid for the master or underlying lease.

B.

This section shall remain operative only until January 1, 1991 unless a later enacted statute which is chaptered on or before January 1, 1991 deletes or extends the date set forth in Revenue and Taxation Code Section 480.5(b).

(Ord. 90-0053 § 1, 1990.)