Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2013
 

Revenue and Taxation Code

Property Taxation

Part 8. Distribution

CHAPTER 3. Alternative Method of Distribution of Tax Levies and Collections and of Tax Sale Proceed

Section 4703

4703. Accounts. In each county that elects to adopt the procedure authorized by this chapter there is hereby created a tax losses reserve fund.

(a) The tax losses reserve fund shall be used exclusively, as hereinafter provided, to cover losses that may occur in the amount of tax liens as a result of special sales of tax-defaulted property. Whenever in any year the amount of the tax losses reserve fund has reached an amount equivalent to 1 percent of the total of all taxes and assessments levied on the secured roll for that year for participating entities in the county, the amounts hereinafter authorized to be credited to that fund may, for the remainder of that year, be credited to the county general fund.

(b) The auditor and treasurer shall keep apportioned tax resources accounts in a manner that the balance of amounts apportioned to funds on an accrual basis shall be known by both officers. In addition, the auditor shall keep secured taxes receivable accounts in a manner as to establish accountability for the amounts receivable on the secured tax rolls. Secured tax rolls, as used in this chapter, include delinquent rolls prescribed by Section 2627.

History.—Added by Stats. 1949, p. 2386, in effect October 1, 1949. Stats. 1959, p. 2413, in effect September 18, 1959, deleted enumerations of various accounts to be maintained by the auditor and treasurer, and added the third paragraph. Stats. 1980, Ch. 127, in effect January 1, 1981, added "(a)" before the second paragraph; added "Except that as provided in subdivision (b) of this section," before "whenever" and "the" before "tax losses" in the second sentence of subdivision (a); added subdivisions (b) and (c); and added "(d)" before the former third paragraph. Stats. 1983, Ch. 1281, in effect September 30, 1983, deleted "and abstracts prescribed by Section 4371" after "Section 2627" in the third sentence of subdivision (d). Stats. 1985, Ch. 316, in effect January 1, 1986, substituted "tax-defaulted" for "tax-deeded" after "sales of" in the first sentence, and deleted "of this section" after "subdivision (b)" in the second sentence of subdivision (a). Stats. 1987, Ch. 681, in effect September 17, 1987, added commas after "exclusively" and after "provided" in the first sentence, and substituted "4 percent" for "5 percent" after "equivalent to " in the second sentence of subdivision (a); and deleted "of this section" following the references to subdivision (a) and subdivision (b), and substituted "4-percent" for "5-percent" after "including the" in subdivision (c). Stats. 1992, Ch. 523, in effect January 1, 1993, substituted "has" for "shall have" after "fund", added a comma after "year", in subdivision (a) and (b); substituted "Except . . . 4703.1, if" for "If" after "(c)", substituted "the" for "such" after "until", substituted "that" for "as" after "time", and added a comma after "years" in subdivision (c); added a comma after "rolls" and "chapter" in the third sentence of subdivision (d). Stats. 1993, Ch. 853, in effect October 6, 1993, substituted "that" for "which" after "county" in the first paragraph; substituted "that" for "which" after "losses" in the first sentence of subdivision (a); deleted "Except as provided in subdivision (b)," after "property." and substituted "Whenever" for "whenever" to form the beginning of the second sentence of subdivision (a), and substituted "3" for "4" after "equivalent to" therein; deleted former subdivisions (b) and (c) which specified procedures relating to rates of secured tax delinquency which over 3 fiscal years were 3 percent or less where in any year the payment of tax losses reserve fund reached 3 percent of the total of all taxes and assessments levied on the secured rolls for that year; and relettered former subdivision (d) as (b). Stats. 1994, Ch. 293, in effect July 21, 1994, substituted "may" for "shall" after "to that fund" in the second sentence of subdivision (a). Stats. 1994, Ch. 1166, in effect September 30, 1994, added "for participating entities in the county" after "for that year" in the second sentence of subdivision (a). Stats. 1995, Ch. 3, in effect May 11, 1995, substituted "2" for "3" after "equivalent to" in the second sentence of subdivision (a); and deleted "such" after "accounts in" wherever it appears in subdivision (b). Stats. 1995, Ch. 914, in effect October 16, 1995, substituted "1" for "2" after "equivalent to" in the second sentence of subdivision (a).