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Senate Bill 0112
ARCHIVE (2004)
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| | DIGEST OF INTRODUCED BILL
Property tax liens in tax allocation areas. Provides that the payment obligations of a taxpayer that: (1) is located in a property tax allocation area established by a redevelopment commission; and (2) enters into an agreement after June 30, 2004, with the redevelopment commission that protects the bond or lease obligations of the commission; are enforceable in the same manner as property taxes regardless of whether the agreement provides for a property tax lien. (For agreements made before July 1, 2004, existing law provides that the obligations are enforceable in the same manner as property taxes if the agreement provides for a property tax lien.) For agreements providing for a lien, specifies that the lien attaches: (1) to the property; and (2) on the date; specified in the agreement. For agreements not providing for a lien but to which a lien applies under the new provisions, provides that the lien attaches: (1) to the taxpayer's real property in the allocation area; (2) to depreciable personal property in the area if taxes on such property are included in the taxes allocated in the area; and (3) on the date the agreement was executed. Specifies that a lien attaches without further action by the commission. Provides that a lien that attaches as a result of an agreement with the commission: (1) inures to the benefit of the commission and the taxing units comprising the allocation area; and (2) is superior to all other liens except a first mortgage on real property. |
Current Status:
| | In Committee - first House |
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