California Government Code

§ 62457

GOV § 62457 Effective Jan 1, 2026Div. 8 · Title 6

Statute text

(a)A downtown revitalization financing plan shall contain a provision that taxes, if any, levied upon opted-in taxable property in the area included within the downtown financing district each year by or for the benefit of the State of California, or the local government, shall be divided, subject to the provisions of Section 53993, as follows:

(1)That portion of the taxes that would be produced by the rate upon which the tax is levied each year by or for the local government upon the total sum of the assessed value of all of the opted-in taxable property in the district, as established pursuant to subdivision (c) of Section 62459, shall be allocated to, and when collected shall be paid to, that local government as taxes on all other property are paid.

(2)That portion of the levied taxes each year specified in the adopted downtown revitalization financing plan for the local government in excess of the amount specified in paragraph (1) shall be allocated to, and when collected shall be paid into a special fund of, the district for all lawful purposes of the district. Unless and until the total assessed valuation of the opted-in taxable property in a district exceeds the total assessed value of the opted-in taxable property in the district as shown by the last equalized assessment rolls referred to in paragraph (1), all of the taxes levied and collected upon the opted-in taxable property in the district shall be paid to the local government. When the district ceases to exist pursuant to the adopted downtown revitalization financing plan, all moneys thereafter received from taxes upon the opted-in taxable property in the district shall be allocated to, and, when collected, shall be apportioned to, the local government.

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Legislative history

Amended by Stats. 2025, Ch. 642, Sec. 8. (AB 1445) Effective January 1, 2026.