Property taxation: possessory interests: Long Beach Courthouse.

Existing property tax law requires that all property subject to tax be assessed at its full value, and includes certain possessory interests among those property interests subject to tax. Existing property tax law defines a taxable possessory interest to be a use that is independent, durable, and exclusive. This bill would provide that, for purposes of the definition of a taxable possessory interest, a possession or use is not independent if it is pursuant to a project agreement and related agreements entered into by the Judicial Council with a nongovernmental entity, as specified, for the purpose of replacing the Long Beach Courthouse, if specified criteria are met. This bill would make legislative findings and declarations as to the necessity of a special statute. Section 2229 of the Revenue and Taxation Code requires the Legislature to reimburse local agencies annually for certain property tax revenues lost as a result of any exemption or classification of property for purposes of ad valorem property taxation. This bill would provide that, notwithstanding Section 2229 of the Revenue and Taxation Code, no appropriation is made and the state shall not reimburse local agencies for property tax revenues lost by them pursuant to the bill. This bill would take effect immediately as a tax levy.