In Panola County Appraisal District v. Panola County Fresh Water Supply District Number One, 69 S.W.3d 278 (Tex. App.--Texarkana 2002, no pet.), the court was faced with a dispute over the appraisal of leasehold interests on lake lots that were owned by a tax-exempt entity. The court held that comparable sales could be used to evaluate those interests but cautioned "true comparables would be derived from sales of leasehold interests, not from sales of fee-simple interests." Id. at 283.