Possessory interests are private property interests in government-owned property or the right to the occupancy and use of any benefit in government-owned property that has been granted under lease, permit, license, concession, contract, or other agreement. In simplest terms, it is the right to possess and use government-owned property for a defined period of time.
Some examples of possessory interests are:
• Ski areas on public land
• Land, improvements and personal property used at a government-owned airport
• Private companies using government-owned land, improvements and personal property for profit (excluding management contracts)
• Private cabins on rented government land
Possessory Interests are valued in accordance with the specific standards and procedures established in § 39-1-103(17)(a), C.R.S.
Land owned by the government and used for ranching and farming by private parties is a taxable possessory interest. In most cases, the actual value of the interest is equivalent to the annual rental amount. A Level of Value adjustment factor, which is provided by the Property Tax Administrator, is applied to the actual value.
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