Property taxes: revenue allocations.

Existing property tax law requires the county auditor to allocate and pay certain property tax revenues to designated local jurisdictions within the county in accordance with specified formulas, including allocating and paying additional revenues generated by a rate levied in excess of the 1% limitation prescribed by the California Constitution on ad valorem taxes on real property, as specified. Existing property tax law requires these allocations and payments to be made on a timely basis but no later than 30 calendar days after the close of the preceding monthly or 4-weekly accounting period. Existing property tax law authorizes these allocations and payments to be made on a biannual basis for a county with a population of 500,000 or less. This bill would instead require those allocations and payments to be made on a timely basis no later than 31 calendar days after the close of the preceding monthly or 4-weekly accounting period. The bill would instead authorize those allocations and payments to be made on a biannual basis for a county with a population of 1,000,000 or less.