California Revenue and Taxation Code

§ 4673.1

RTC § 4673.1 Effective Sep 28, 2014Div. 1 · Part 8 · Ch. 1.3

Statute text

After satisfaction of the amount specified in Sections 4672, 4672.1, and 4673, the proceeds shall be distributed as follows:

(a)An amount of the proceeds up to but no greater than the amount required, at the time of sale, to redeem the property from tax default, the outstanding balance of any property tax postponement loan, and the sale to any taxing agency entitled to share in the proceeds shall be distributed as follows:

(1)A pro rata share shall be distributed to each assessment fund in an amount bearing the same proportion as the assessment due each fund bears to the total amount of taxes and assessments necessary to redeem the property at the time of sale.

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Legislative history

Amended by Stats. 2014, Ch. 703, Sec. 25. (AB 2231) Effective September 28, 2014.