(a) The board shall prescribe all procedures and forms required to carry into effect
any property tax exemption enacted by statute or constitutional amendment.
(b)(1) The procedures prescribed pursuant to subdivision (a) shall be deemed satisfied
by a qualified lessor by submission to the assessor within 120 days of the commencement
date of the lease, or 120 days after the effective date of the act adding this subdivision
to this section with respect to any existing lease, whichever is later, information
which may be requested by the board with respect to the lease.
(2) For purposes of this subdivision, “a qualified lessor” is a lessor under a contract
designated as a lease between that lessor and an entity using property which qualifies
for the property tax exemption provided for by subdivision (d) or (e) of Section 3 of Article XIII of the California Constitution under which the lessee has the option at the end of the lease term of acquiring the
property described in the lease for one dollar ($1), or any other nominal sum.
(3) No filing or application for exemption shall thereafter be required by a qualified
lessor with respect to that lease unless the option terms of the lease change.
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