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Section 998 Of Article 1. Generally From California Revenue And Taxation Code >> Division 1. >> Part 2. >> Chapter 5. >> Article 1.
998
. (a) The full value of a time-share estate or a time-share use
subject to tax under this division shall be determined by finding the
real property value of the interest involved and shall not include
the value of any nonreal property items, including, but not limited
to, vacation exchange rights, vacation conveniences and services, and
club memberships. Accordingly, the full value of a time-share estate
or time-share use may be determined by reference to resort
properties, condominiums, cooperatives, or other properties which are
similar in size, type, and location to the property subject to
time-share ownership and are not owned on a time-share basis. The
aggregate assessed value of all the time-share estates or uses
relating to a single lot, parcel, unit, or other segment of real
property shall be determined by adding (1) the fair market value of
the similar lot, parcel, unit, or other segment not owned on a
time-share basis, and (2) an amount necessary to reflect any increase
or decrease to the market value attributable to the fact that the
property is marketed in increments of time, or by any alternate
method which will determine the real property value without regard to
any nonreal property items which may be included.
(b) Nothing in this section shall authorize a reassessment of real property as a result of the creation or transfer of a time-share interest in the property unless the creation or transfer of the time-share interest constitutes a change in ownership under Chapter 2 (commencing with Section 60) of Part 2 and Section 2 of Article XIII A of the California Constitution.
(c) For purposes of this section, "time-share estate" and "time-share use" shall have the meanings set forth in paragraph (x) of Section 11212 of the Business and Professions Code, and "time-share interest" shall refer to both time-share estates and time-share uses.
(d) Nothing in this section may be construed as requiring the assessment of any property at less than fair market value as required by Section 401.
(b) Nothing in this section shall authorize a reassessment of real property as a result of the creation or transfer of a time-share interest in the property unless the creation or transfer of the time-share interest constitutes a change in ownership under Chapter 2 (commencing with Section 60) of Part 2 and Section 2 of Article XIII A of the California Constitution.
(c) For purposes of this section, "time-share estate" and "time-share use" shall have the meanings set forth in paragraph (x) of Section 11212 of the Business and Professions Code, and "time-share interest" shall refer to both time-share estates and time-share uses.
(d) Nothing in this section may be construed as requiring the assessment of any property at less than fair market value as required by Section 401.
