Property Tax Revenues. Redevelopment Agencies.

PROPERTY TAX REVENUES. REDEVELOPMENT AGENCIES. LEGISLATIVE CONSTITUTIONAL AMENDMENT. Presently, if a taxing agency increases the tax rate for revenue to repay its bonded indebtedness for the acquisition or improvement of real property, a portion of the revenues raised for this purpose is allocated to redevelopment agencies having property affected by the rate increase. The revenues received by the redevelopment agency don\u27t have to be applied to repayment of the bonded indebtedness. This measure authorized the Legislature to require all revenues produced by the rate increase go to the taxing agency for purpose of the repayment of its bonded indebtedness. Summary of Legislative Analyst\u27s estimate of net state and local government fiscal impact: By itself, this measure would have no fiscal effect because it requires legislative implementation. If implemented, the amount of property tax revenues received by redevelopment agencies in 19890-90 and later years would be reduced in an amount which would depend on the number and value of bonds approved by the voters. There would be no fiscal effect on the state or the taxing agencies which impose property taxes to pay off general obligation bonds