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Boats Moored in Morro Bay Harbor
Boats Moored in Morro Bay Harbor

Change in Possessory Interest Assessments

Author: Tom J. Bordonaro, Jr.
Date: 2/14/2020 11:35:37 AM

Possessory Interest taxpayers will benefit from an expanded tax exemption approved by the Board of Supervisors on December 10, 2019. As many as 400 taxpayers could see a tax reduction under a revised “low value ordinance."

The amendment to the Low Value Possessory Interest Ordinance increases the exemption allowed from five thousand dollars ($5,000) to fifty thousand dollars ($50,000) of assessable value.  This increase in the possessory interest exemption is the result of a change in state law amending the California Revenue and Taxation Code.

Possessory Interests are established when a private party rents, occupies or has the beneficial use of government owned real property.  Under the revised county ordinance, Possessory Interests will not be taxed if their assessed value is less than $50,000.

The increased exemption is expected to provide significant savings for Possessory Interest taxpayers and annual savings to the county of $40,000 for administrative costs to process, review and value these low value assessments.