Taxation, 2019 Bar — Question B.14

QUESTION

City R owns a piece of land which it leased to V Corp. In turn, V Corp. constructed a public market thereon and leased the stalls to vendors and small storeowners. The City Assessor then issued a notice of assessment against V Corp. for the payment of real property taxes (RPT) accruing on the public market building, as well as on the land where said market stands. Is the City Assessor correct in including the land in its assessment of RPT against V Corp., even if the same is owned by City R? Explain. (3%)

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