Property owned by a political Subdivision is exempt from taxation unless it is rented or leased for compensation to a private business enterprise.  Entities renting or leasing from a political subdivision are subject to taxation under either a “possessory interest” assessment or a leasehold estate. Assessment practices can differ from State to State.  Your lease and lease term can have a major impact on the amount of tax you will have to pay. Call Property Tax Associates, Inc. so that we may review your current assessment for you.