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The 2001 California Legislative Session produced several new property tax laws of interest. This column provides a brief summary of the major property tax legislation enacted this past year. (1)
AB 136 (Corbett) [Chapter 161] increases the value of the personal property tax exemption for hand tools from $20,000 to $50,000 beginning on or after January 1, 2002. (2)
AB 169 (Wiggins) [Chapter 381] standardizes county auditor property tax allocation guidelines. It also deems correct property tax revenue allocations that were subject to prequalifying audits, and limits the amount of property tax reallocations or adjustments imposed on counties. (3)
AB 426 (Cardoza) [Chapter 156] increases by 45 percent the adjusted household income figures that would be used to calculate assistance payments for the 2001 calendar year and each calendar year thereafter. As a result, there would be a permanent increase in the level of benefits provided for …