(a) On or before May 1, 1977, the assessor of each county for the local roll and the State Board of Equalization for the board roll shall determine the annual assessed value attributable to timber, as defined in subdivision (a) of Section 431 of the Revenue and Taxation Code, of each tax rate area for the 1972â73 to 1974â75 fiscal years, inclusive. Such values shall be from the corrected, equalized assessment roll for each such year, including escape assessments subsequently added to the roll. Escape assessments determined subsequent to June 30, 1975, for any of the three fiscal years specified shall be reported to the county auditor who shall certify to the Controller a revision in the amounts of average annual property tax revenue attributable to timber for each affected taxing jurisdiction on or before July 15, 1977, and July 15 of each year thereafter. (b) Using the assessed values determined pursuant to subdivision (a), on or before June 1, 1977, the auditor of each county shall determine the average annual property tax revenues attributable to timber of each taxing agency for the 1972â73 to 1974â75 fiscal years, inclusive; provided, that if a taxing agency was in existence for less than the entire period, the average for such agency shall be determined by dividing the appropriate amount of property tax revenues by either one year or two years, whichever figure corresponds most nearly to the duration of existence of the agency within such period. If the average value of the secured roll of a community college district which is attributable to timber over the period of fiscal years 1972â73 to 1974â75, inclusive, meets or exceeds 20 percent, then the auditor shall use a rate which when multiplied by that districtâs average annual assessed value attributable to timber will produce an amount equivalent to the total amount of property taxes raised by that district in the 1976â77 fiscal year. For purposes of this section, âaverage annual property tax revenue attributable to timberâ of each school district which levied an areawide tax rate in one or more of fiscal years 1972â73 to 1974â75, inclusive, shall be the product of (1) the amount of money the district received as its reallocation from the areawide fund (not the amount of its own contribution raised from its actual areawide tax rate) for each such fiscal year, and (2) a factor produced by the amount of annual assessed value attributable to timber divided by the amount of all assessed value, within the school district, for each such fiscal year. Each county auditor shall certify to the Controller a list of this amount for each taxing agency in the county and the total of all such amounts for the county. The auditor shall keep such records for each tax rate area as necessary to make distribution of funds pursuant to Section 38906 of the Revenue and Taxation Code. (c) The Controller may require that all information pertinent to subdivisions (a) and (b) be retained and may inspect all calculations of the county assessor and county auditor. The Controller or the board may adjust and correct any calculation deemed to be inaccurate. The sum of each countyâs calculations as adopted by the Controller shall be known as that countyâs âannual yield tax revenue guaranteeâ, and shall be certified to the county auditor on or before August 15, 1977. (d) On or before July 15, 1977, and July 15 of each year thereafter, the auditor shall certify to the Controller the new or revised amount of property tax revenue attributable to timber for each taxing agency which, effective after July 1 of the preceding calendar year and on or before July 1 of the current calendar year, either (1) underwent âgovernmental reorganization,â as described in Section 2295 of the Revenue and Taxation Code, or (2) underwent âfunctional consolidation,â as described in Section 2305 of the Revenue and Taxation Code, or (3) gained approval from its voters to levy an additional p
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