California AB1112 amends the Revenue and Taxation Code to modify the Tax Equity Allocation (TEA) formula for property tax revenue distribution in.

California AB1112 amends the Revenue and Taxation Code to modify the Tax Equity Allocation (TEA) formula for property tax revenue distribution in qualifying cities. The bill specifies that the auditor of the County of Santa Clara shall reduce the total amount of ad valorem property tax revenue allocated to qualifying cities by certain amounts, including costs to redevelopment agencies and other jurisdictions. It also outlines a phased reduction in the percentage of property tax revenue allocated to qualifying cities over several fiscal years.

California AB1112 amends the Revenue and Taxation Code to modify the Tax Equity Allocation (TEA) formula for property tax revenue distribution in.

California AB1112 amends the Revenue and Taxation Code to modify the Tax Equity Allocation (TEA) formula for property tax revenue distribution in qualifying cities. The bill specifies that the auditor of the County of Santa Clara shall reduce the total amount of ad valorem property tax revenue allocated to qualifying cities by certain amounts, including costs to redevelopment agencies and other jurisdictions. It also outlines a phased reduction in the percentage of property tax revenue allocated to qualifying cities over several fiscal years.