Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2012
 

Additional Government Code Provisions

Provisions Relating to Historical Property Contracts

Historical Property Contracts

Article 12. Historical Property Contracts*

Section 50286

50286. Cancellation fee. (a) If a contract is canceled under Section 50284, the owner shall pay a cancellation fee equal to 12½ percent of the current fair market value of the property, as determined by the county assessor as though the property were free of the contractual restriction.

(b) The cancellation fee shall be paid to the county auditor, at the time and in the manner that the county auditor shall prescribe, and shall be allocated by the county auditor to each jurisdiction in the tax rate area in which the property is located in the same manner as the auditor allocates the annual tax increment in that tax rate area in that fiscal year.

(c) Notwithstanding any other provision of law, revenue received by a school district pursuant to this section shall be considered property tax revenue for the purposes of Section 42238 of the Education Code, and revenue received by a county superintendent of schools pursuant to this section shall be considered property tax revenue for the purposes of Article 3 (commencing with Section 2550) of Chapter 12 of Part 2 of Division 1 of Title 1 of the Education Code.

History.—Stats. 1978, Ch. 1207, in effect January 1, 1979, operative January 1, 1981, substituted "12½" for "50" before "percent" and "full" for "assessed" before "value" in the first sentence. Stats. 1998, Ch. 636 (AB 1789), in effect January 1, 1999, designated the first sentence of the first paragraph as subdivision (a), substituted "equal to" for "of" after "cancellation fee", substituted "current fair market" for "full" after "12½ percent of the", deleted "at the time of cancellation" after the first "property" and substituted "as though the property were free of the contractual restriction" for "without regard to any restriction on such property imposed pursuant to this article" after "county assessor" therein, deleted the former second sentence of the first paragraph which provided that the cancellation fee shall be paid to the Controller, at such time and in such manner as the Controller shall prescribe, and shall be deposited in the State General Fund; and added subdivision (b) and (c).

Note.—Section 2 of Stats. 1998, Ch. 636 (AB 1789), provided that no reimbursement shall be made from the State Mandates Claims Fund pursuant to Part 7 (commencing with Section 17500) of Division 4 of Title 2 of the Government Code for costs mandated by the state pursuant to this act. It is recognized, however, that a local agency or school district may pursue any remedies to obtain reimbursement available to it under Part 7 (commencing with Section 17500) and any other provisions of law.

* Article 12 was added by Stats. 1972, p. 3159, in effect March 7, 1973.