Property tax revenue allocations: public utilities: qualified property: City of Oakley.

(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 2011–12 fiscal year and for each fiscal year thereafter, require that a specified amount of property tax revenues derived from applying a specified tax rate to qualified property, as defined, be allocated first to the county in which the qualified property is located and to all of the school entities located in that county, 2nd to the East Contra Costa Fire Protection District, with the balance allocated to the City of Oakley. This bill would also require that a specified amount of property tax revenues derived from applying another specified tax rate to the qualified property be first allocated to taxing jurisdictions in those tax rate areas in the county in which the qualified property is located, with the balance allocated to taxing jurisdictions pursuant to a specified formula. The bill would require the City of Oakley to reimburse the county auditor for the actual and reasonable costs incurred by the county auditor in administering these allocations. The bill would also require the City of Oakley to develop one new housing unit for each 40 jobs created on real property within a specified area, as prescribed. By establishing new duties upon local county officials with respect to the annual allocation of property tax revenues derived from state‑assessed property, and by establishing new duties upon the City of Oakley with respect to the development of affordable housing, this bill would create a state‑mandated local program. (2) This bill would make legislative findings and declarations as to the necessity of a special statute. (3) 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. (4) This bill would declare that it is to take effect immediately as an urgency statute.