Laws, Regulations & Annotations

T

820.0000 TAXES

Annotation 820.0001

820.0001 Acquisitions by Public Retirement Systems. A public retirement system acquiring real property located within its boundaries must, pursuant to Government Code section 7510, reimburse cities or counties for revenue loss resulting therefrom in an amount equal to the difference between the taxes that would have accrued and the taxes due for possessory interests in the acquired property. However, section 7510 does not apply to such systems previously authorized by statute or ordinance to invest in real property. LTA 1/6/1983 (No. 83/03).