California Revenue and Taxation Code

§ 96.5

RTC § 96.5 Effective Jan 1, 2022Div. 1 · Part 0.5 · Ch. 6 · Art. 2

Statute text

The difference between the total amount of property tax revenue computed each year using the equalized assessment roll and the sum of the amounts allocated pursuant to subdivision (a) of Section 96.1 shall be known and may be cited as the annual tax increment, and shall be allocated, subject to allocation and payment of funds as provided for in subdivision (b) of Section 33670 of the Health and Safety Code, and modified by any adjustments made pursuant to Section 99 or 99.02, as follows:

(a)(1) For each tax rate area, the auditor shall determine an amount of property tax revenue by multiplying the value of the change in taxable assessed value from the equalized assessment roll for the prior fiscal year to the equalized assessment roll for the current fiscal year by a tax rate of four dollars ($4) per one hundred dollars ($100) of assessed value. When computing the change in taxable assessed value between the 1980–81 fiscal year and the 1981–82 fiscal year, the assessed values for the 1980–81 fiscal year shall be multiplied by four. Starting with the 1981–82 fiscal year, the tax rate used in this calculation shall be one dollar ($1) per one hundred dollars ($100) of full value.

(2)(A) For purposes of this section, including for apportioning property tax revenues pursuant to Sections 96.1 and 96.2, commencing with the 2022–23 fiscal year, the equalized assessment roll shall exclude aircraft assessed values, as calculated under Part 10 (commencing with Section 5301) of this division.

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Legislative history

Amended by Stats. 2021, Ch. 67, Sec. 1. (AB 1583) Effective January 1, 2022.