What is “possessory interest” and how is the value derived?
A taxable possessory interest (PI) exists when anyone leases, occupies or has exclusive use of government property (examples: a space on the Cal Expo grounds, a slip at a government-owned marina, or a hangar at Executive Airport.) Since the government doesn’t pay property taxes, the users are expected to pay their fair share for community services such as fire and police protection, etc.
