DFS Grp., L.P. v. Cnty. of San Mateo

*1062DFS Group, L.P. (DFS), which engages in the business of duty-free sales *406at airports around the country, holds an exclusive lease and concession to sell merchandise duty-free at San Francisco International Airport (SFO), in retail space located within SFO's international terminal.1 This dispute concerns the San Mateo County Assessor's (Assessor) reassessment of the value, for property tax purposes, of the possessory interests DFS obtained under a seven-year extension of its agreement with SFO.

At issue is whether the Assessor's valuation methodology, by including the value of DFS's exclusive…