Cal. RTC § 480.6
This is the official text of Cal. RTC § 480.6, part of California’s Revenue and Taxation Code — governs state and local taxation, including income and property tax.
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Official statutory text
(a) Notwithstanding any other provision of law, a holder of a possessory interest in real property that is owned by a state or local governmental entity is not required to file a preliminary change in ownership report or change in ownership statement with respect to any renewal of that possessory interest. Instead, every state or local governmental entity that is the fee owner of real property in which one or more taxable possessory interests have been created shall either file any preliminary change in ownership report or change in ownership statement otherwise required to be filed with respect to any renewal of a possessory interest, or annually file with the county assessor, no later than the 15th day of the first month following the month in which the lien date occurs, a real property usage report. The report shall include all of the following information:
(1) The name and address of the fee owner of the real property.
(2) The name and address of each holder of a possessory interest in the real property.
(3) The types of transactions in which the holders of the possessory interests acquired those interests, whether creations, renewals, subleases, or assignments.
(4) The description of the subject real property.
(5) The date of each transaction in which a holder of a possessory interest in the real property acquired that interest.
(6) The terms of each transaction described in paragraph (5), including all the following:
(A) The consideration given for the possessory interest, whether paid in money or otherwise.
(B) The terms of the possessory interest, including any renewal or extension option.
(C) For any subleases, the original term and remaining term of the sublease, and the consideration paid for the master lease.
(D) For any assignments, the original term and remaining term of the assignment, and the consideration paid for the underlying lease.
(b) The failure of a state or local governmental entity to comply with this filing requirement shall not give rise to any interest or penalties assessed against the holder of the possessory interest.
(1) The name and address of the fee owner of the real property.
(2) The name and address of each holder of a possessory interest in the real property.
(3) The types of transactions in which the holders of the possessory interests acquired those interests, whether creations, renewals, subleases, or assignments.
(4) The description of the subject real property.
(5) The date of each transaction in which a holder of a possessory interest in the real property acquired that interest.
(6) The terms of each transaction described in paragraph (5), including all the following:
(A) The consideration given for the possessory interest, whether paid in money or otherwise.
(B) The terms of the possessory interest, including any renewal or extension option.
(C) For any subleases, the original term and remaining term of the sublease, and the consideration paid for the master lease.
(D) For any assignments, the original term and remaining term of the assignment, and the consideration paid for the underlying lease.
(b) The failure of a state or local governmental entity to comply with this filing requirement shall not give rise to any interest or penalties assessed against the holder of the possessory interest.
Status: in_force · Read it on the official government site
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