2007 California Government Code Article 10. Property Tax Reduction Fund

CA Codes (gov:29520-29523)

29520.  The board of supervisors shall establish a property tax
reduction fund, into which shall be deposited all new revenues from
sources other than property taxation, which are hereinafter
specifically earmarked for this fund by the Legislature.  Nothing in
this section shall require any county to deposit revenues received as
a result of Chapter 120 of 1966, First Extraordinary Session, into
the property tax reduction fund.  Any county may use the funds
deposited in the property tax reduction fund to reduce the property
tax rate in the year the funds are to be deposited in the fund.  The
tax bill shall either show the reduction in the property tax rate due
to funds deposited in the property tax reduction fund by the
Legislature or such information shall be included in a statement
which accompanies the tax bill.



29521.  The board may appropriate moneys to the fund and shall
require deposit therein of all moneys required to be deposited in the
property tax reduction fund by any provision of law.  The board
shall require that no estimates of new revenues, other than property
taxes, made available by the Legislature for use by boards of
supervisors shall be placed in the preliminary county budget.  On the
concluding day of the public budget hearing the board of supervisors
shall receive from the county auditor a list of estimated revenues,
that will have been made available by the Legislature for use by
boards of supervisors and after reviewing and making any necessary
changes they shall then make these additional revenues a part of the
county final budget and order the depositing of the additional
revenues in the property tax reduction fund.



29522.  After any money has been deposited in the property tax
reduction fund, it may be withdrawn therefrom only if the board
reduces the rate of county and district taxes in an amount sufficient
to reduce the revenue derived from property taxes in an amount equal
to the amount withdrawn from the fund. Such reduction shall be made
prior to the time the county auditor performs the duties imposed upon
him by Section 2152 of the Revenue and Taxation Code.  Withdrawals
from the property tax fund and reductions in the rate of county and
district taxes shall be authorized by the board of supervisors only
on the concluding day of the public budget hearing.



29523.  Any moneys withdrawn from the property tax reduction fund
may be expended for any purpose authorized by law.