On or before December 31, 1986, each eligible county shall compute and remit to the Controller for deposit in the General Fund an amount equal to the amount allocated to it by the Controller pursuant to Section 183, less the amount of its property tax revenue lost in the 1985-86 fiscal year as a result of the reassessment pursuant to Section 170 of that property which was damaged or destroyed by the storms and floods of February 1986. If the amount computed pursuant to this section for an eligible county is less than zero, the Controller shall allocate that amount to the county.
(Added by Stats. 1986, Ch. 16, Sec. 3. Effective March 11, 1986.)
Terms Used In California Revenue and Taxation Code 187
- Controller: means the State Controller. See California Revenue and Taxation Code 21
- County: includes city and county. See California Revenue and Taxation Code 15
- Eligible county: means a county which meets both of the following requirements:
California Revenue and Taxation Code 181
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.