Revenue and Taxation Code section 20509
(a)
Premises which are exempt from property taxation, except those premises on which the owner pays possessory interest taxes, or makes payments in lieu of property taxes which are substantially equivalent to property taxes paid on properties of comparable market value.(b)
Premises which are not located in this state.
Source:
Section 20509, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=RTC§ionNum=20509.
(accessed Jun. 2, 2025).