An act to amend Section 100 of, and to add Section 100.02 to, the Revenue and Taxation Code, relating to taxation. The California Constitution requires the State Board of Equalization to annually assess the property, other than franchises, of a company transmitting or selling gas or electricity. Existing property tax law provides for the allocation of the assessed value of this property among the counties, the application to those assessed values of tax rates determined in accordance with certain formulas, and the allocation within each county of the revenues derived from the application of those rates in a manner separate and distinct from the manner in which county-collected property tax revenues are required to be allocated. By imposing new duties upon local officials in the allocation of tax revenues, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state.
Statutory provisions establish procedures for making that reimbursement.
This bill would provide that no reimbursement is required by this act for a specified reason. The assessed value of all unitary and operating nonunitary property shall be assigned to this tax rate area. No other property shall be assigned to this tax rate area. By dividing the county's total ad valorem tax levies for unitary and operating nonunitary property for the prior year debt service only by the county's total unitary and operating nonunitary assessed value for the prior year. If the amount of property tax revenue available for allocation to all taxing jurisdictions in the current fiscal year from unitary and operating nonunitary property, exclusive of revenue attributable to levies for debt service, exceeds 102 percent of the property tax revenue received by all taxing jurisdictions from all unitary and operating nonunitary property in the prior fiscal year, exclusive of revenue attributable to levies for debt service, the amount of revenue in excess of 102 percent shall be allocated to all taxing jurisdictions in the county by a ratio determined by dividing each taxing jurisdiction's share of the county's total ad valorem tax levies for the secured roll for the prior year, exclusive of levies for debt service, by the county's total ad valorem tax levies for the secured roll for the prior year, exclusive of levies for debt service.