Yes, this is true, patb, but in a “lease-option,” the property would remain in the name of the lessor. When/if the lessee exercised his/her option, the lessor would have to file a Change of Ownership Stmt. with the Co. Assessor, along with the Grant Deed to conveying the property to the lessor. And that is the time the lessee would lose the Prop. 13 entitlement, unless he was a qualified relative of the lessor.
