California Court of Appeal March 14, 1990, A044619 (Industrial Indemnity Co. v. City & County of San Francisco)

Opinion

CHANNELL, J.

In this case of first impression, we hold that a true sale and leaseback of real property—one that is not a financing transaction— constitutes a change in ownership within the meaning of Proposition 13, triggering reassessment of the property. (See Cal. Const., art. XIII A, § 2, subd. (a).)

I.