§ 20502. “Substantially Equivalent to Property Taxes” Defined.

Source: https://govt.westlaw.com/calregs/Document/IF90E3F534C8311EC89E5000D3A7C4BC3?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)

For purposes of Revenue and Taxation Code section 20509, subdivision (a), the term “substantially equivalent to property taxes” means payments made in lieu of property taxes, as specified in Revenue and Taxation Code section 20509, subdivision (a), must be at least 80 percent of the amount of property taxes assessed on a property of comparable assessed value without regard to any granted or applicable exemptions or exclusions granted by the property taxing authority.

Credits

Note: Authority cited: Sections 19503 and 20642, Revenue and Taxation Code. Reference: Sections 20502 and 20509(a), Revenue and Taxation Code.

History

1. New section filed 3-15-2005; operative 4-14-2005 (Register 2005, No. 11).