Relationship To Redevelopment Law
Any changes to Proposition 13 would need to take into account potential impacts on 400+ (2008 figure) local redevelopment agencies across California. As of June 30, 2008, the total assessed valuation of land in redevelopment project areas was over $674 billion and combined revenues for FY 2007–2008 were over $10 billion. Changes to Proposition 13 may result in an unintended windfall in tax increment revenue for local redevelopment agencies which are restricted severely by state law on how they may use the funds. Redevelopment agency revenue in California is kept separate from cities' general funds, which are used to pay for basic services such as fire, police, parks, streets and so on. Community redevelopment law in California is based on the controversial Tax increment financing mechanism.
As an example, in Alameda County, California, 12.24% of assessed property value, or $24.5 billion worth, is subject to redevelopment tax increment, and in Fiscal Year 2007–08, $232 million of property taxes went to local redevelopment agencies instead of to the county or city general funds. Of property tax receipts in Alameda County, 13 cents of every property tax dollar goes to local redevelopment agencies, 18 cents goes to cities, 13 cents goes to special districts, 15 cents goes to the county, and 41 cents goes to local schools. In Contra Costa County, Schools get 48%, Special Districts get 19%, the County gets 13%, Redevelopment Agencies get 12%, and Cities get 8%.
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