Property tax revenue allocations: state-assessed property.

(1) The California Constitution requires the State Board of Equalization to assess the property, other than franchises, of companies transmitting or selling gas or electricity. Existing property tax law provides for the valuation, as a unit, of properties of a state assessee that are operated as a unit as a primary function of that assessee, and for the allocation of the assessed value of the unit among various counties in which the state‑assessee's unitary property is located. Existing law also provides, pursuant to specified formulas, for the application in each county of specified tax rates to unitary assessed value, and for the allocation among jurisdictions in that county of the resulting revenues. This bill would, for the 2010–11 fiscal year and for each fiscal year thereafter, require the assessed value of specified property that is located within a redevelopment project area of a joint powers authority be allocated exclusively to the county in which the facility is located, and that the revenues derived from the assessment of this property be allocated in the same percentage shares as revenues derived from locally assessed property among the jurisdictions in which the property is located, as provided. This bill would authorize the State Board of Equalization to amend the tax rolls for the 2010–11 fiscal year in order to provide these allocations. This bill would also make conforming changes to related provisions. (2) This bill would make legislative findings and declarations as to the necessity of a special statute. (3) This bill would also incorporate additional changes in Section 100 of the Revenue and Taxation Code, proposed by SB 1398, to be operative if SB 1398 and this bill are both enacted and become effective on or before January 1, 2011, and this bill is enacted last. (4) By establishing new duties with respect to the annual allocation of property tax revenues derived from state‑assessed property, this bill would create 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, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to these statutory provisions. (5) This bill would change the pro rata shares in which ad valorem property tax revenues are allocated among local agencies in a county, within the meaning of paragraph (3) of subdivision (a) of Section 25.5 of Article XIII of the California Constitution, and thus would require for passage the approval of 23 of the membership of each house of the Legislature. (6) This bill would declare that it is to take effect immediately as an urgency statute.