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55 <br /> MAJOR GENERAL FUND REVENUES <br /> PROPERTY TAXES, cont. <br /> Allocation of Property Tax Dollar Collected: in San Leandro <br /> ............. ..................................... ..... <br /> County Gene4 <br /> Safi FUnd <br /> Leandro ................-'--I <br /> . .................... <br /> S, c 1i o o 11 s, 4,60 pe'- City of <br /> St <br /> ...................................................................................................................................................................... 7DJ� <br /> r1c <br /> 70 <br /> ... 120 <br /> K03W, )506H <br /> el <br /> min <br /> K 03040501G, H Ali, <br /> od"111100"A." <br /> Supplemental Property Taxes <br /> Supplemental Taxes are the result of the reassessment of property as of the 1st day of <br /> the month following either an ownership change or completion of new construction. In <br /> most cases, this reassessment results in one or more supplemental tax bills being sent <br /> to the property owner during the year, in addition to the annual property tax bill. <br /> Vehicle In-lieu Tax/License Fees (VLF) <br /> Motor Vehicle In-Lieu Tax (VLF) is a tax imposed by the State on the ownership of a <br /> registered vehicle in lieu of personal property tax. VLF is collected by the State <br /> Department of Motor Vehicles (DMV) and more than 95% of these fees are divided <br /> equally between counties and cities, and their aggregate shares are distributed in <br /> proportion to the respective populations of the cities and counties. The State withholds <br /> less than 5% of these fees for the support of the Department of Motor Vehicles. Until <br /> 1998-99, the annual license fee was 2% of the market value of the vehicle as determined <br /> by the DMV. In 1998-99, the State reduced the license fees by 25%, but agreed to backfill <br /> local jurisdictions for this loss in revenue. <br /> In 2004, the Governor lowered the annual VLF to 0.65%, from 2%. In the budget <br /> agreement between the Governor and cities and counties, the Governor agreed to backfill <br /> the 1.35% difference in VLF with property taxes from the Education Revenue <br /> Augmentation Fund (ERAF). Beginning in 2005-06, this property tax in lieu of VLF was <br /> presumed to grow at the same rate as the change in gross assessed valuation of taxable <br /> property in the City from the prior year. <br /> ag <br />