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INDUSTRIAL INDEM. v. CITY & CTY. OF SAN FRANCISCO

Docket No. A044619.

218 Cal.App.3d 999 (1990)

267 Cal. Rptr. 445

INDUSTRIAL INDEMNITY COMPANY, Plaintiff and Appellant, v. CITY AND COUNTY OF SAN FRANCISCO, Defendant and Respondent.

Court of Appeals of California, First District, Division Four.

March 14, 1990.

Attorney(s) appearing for the Case

COUNSEL

Theodore F. Bayer, Nancy B. Ranney, Patricia Pollastrini and Rubin, Eagan & Feder for Plaintiff and Appellant.

Fred Main as Amicus Curiae on behalf of Plaintiff and Appellant.

Louise H. Renne, City Attorney, and Robin M. Reitzes, Deputy City Attorney, for Defendant and Respondent.

John K. Van de Kamp, Attorney General, Robert F. Tyler and Robert D. Milam, Deputy Attorneys General, as Amici Curiae on behalf of Defendant and Respondent.

OPINION

CHANNELL, J.

In this case of first impression, we hold that a true sale and leaseback of real property — one that is not a financing transaction — constitutes a change in ownership within the meaning of Proposition 13, triggering reassessment of the property. (See Cal. Const., art. XIII A, § 2, subd. (a).)

I. FACTS

In 1984, appellant Industrial Indemnity Company owned real property and...

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