LOS ANGELES -- The California Supreme Court ruled Thursday that property must be reassessed at full value when it is sold through a sale-leaseback arrangement, a decision that benefit localities.

The decision bars businesses from using sale-leaseback arrangements to freeze tax assessments on commercial property.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.