This is a tax on the taxable value of a possessory interest granted by the Navajo Nation. A possessory interest is the right to be on Navajo land performing a particular activity. The most common forms are oil and gas leases, coal leases, rights-of-way, and business site leases. Possessory interests with a taxable value of less than $100,000 are not taxed. The PIT is assessed annually on August 1st, with one-half due November 1 and the remainder due May 1st.