Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2013
 

Revenue and Taxation Code

Property Taxation

Part 2. Assessment

Chapter 3. Assessment Generally

Article 1.5. Valuation of Open-Space Land Subject to an Enforceable Restriction*

Section 423.4

423.4. Farmland security zone. Land subject to a farmland security zone contract specified in Section 51296.1 of the Government Code shall be valued for assessment purposes at 65 percent of the value under Section 423 or 65 percent of the value under Section 110.1, whichever is lower.

History.—Added by Stats. 1998, Ch. 353 (SB 1182), in effect August 24, 1998. Stats. 2002, Ch. 616 (SB 1864), in effect January 1, 2003, substituted "Section 51296.1" for "Section 51296" after "contract specified in" in the first sentence.

Note.—Section 10 of Stats. 1998, Ch. 383 provided that this act is an urgency statute necessary for the immediate preservation of the public peace, health, or safety within the meaning of Article IV of the Constitution and shall go into immediate effect. The facts constituting the necessity are:

In order to provide the benefits of this act to private property owners at the earliest possible time and enhance the preservation of agricultural land, it is necessary that this act take effect immediately.

* Stats. 1969, p. 1930, in effect November 10, 1969, repealed Section 4 of Stats. 1967, p. 3651, which made Article 1.5 operative only until the 61st day following adjournment of the Regular Session of the 1970 Legislature.