California Government Code

§ 7510

GOV § 7510 Effective Jan 1, 2016Div. 7 · Title 1 · Ch. 21 · Art. 1

Statute text

(a)(1) Except as provided in subdivision (b), a public retirement system, which has invested assets in real property and improvements thereon for business or residential purposes for the production of income, shall pay annually to the city or county, in whose jurisdiction the real property is located and has been removed from the secured roll, a fee for general governmental services equal to the difference between the amount that would have accrued as real property secured taxes and the amount of possessory interest unsecured taxes paid for that property. The governing bodies of local entities may adopt ordinances and regulations authorizing retirement systems to invest assets in real property subject to the foregoing requirements.

(2)This subdivision shall not apply to any retirement system which is established by a local governmental entity if that entity is presently authorized by statute or ordinance to invest retirement assets in real property.

(3)This subdivision shall not apply to property owned by any state public retirement system.

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Legislative history

Amended by Stats. 2015, Ch. 454, Sec. 1. (SB 803) Effective January 1, 2016.