For purposes of this article, all of the following apply: (a) The following terms have the following meanings: (1) âAircraftâ has the same meaning as specified in Section 5303. (2) âFleetâ means all aircraft operated by a manager of a fractional ownership program. (3) âFleet typeâ means aircraft classified by make, model, and series operated by a manager of a fractional ownership program. (4) âFractionally owned aircraftâ or âaircraft operated in fractional ownership programsâ means those aircraft registered with the Federal Aviation Administration as fractionally owned aircraft. (5) âLandingâ means physical contact involving the embarking or disembarking of crew, passengers, or freight, and that physical contact did not arise unintentionally as the result of an emergency. (b) Revenues derived from the taxation of fractionally owned aircraft under this article shall be distributed in accordance with Chapter 6 (commencing with Section 5451) of Part 10 of this division. (c) Fractionally owned aircraft shall be assessed under this article only if a lead county assessor accepts a designation as lead county assessor under Section 1162.
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