CA AB308

Requires the State Board of Equalization to allocate assessed value of utility property located within a redevelopment project area of a joint powers authority exclusively to the county where the facility is located, effective for the 2010-11 fiscal year and thereafter.

Directs property tax revenues from this state-assessed property to be allocated among jurisdictions in the same percentage shares as revenues from locally assessed property.

Authorizes the State Board of Equalization to amend tax rolls for the 2010-11 fiscal year to implement these new allocation requirements.

Makes conforming changes to Sections 100, 100.95, 755, and 756 of the Revenue and Taxation Code regarding state-assessed property allocation procedures.

Declares the bill an urgency statute to take effect immediately to ensure the Inland Valley Development Agency receives sufficient tax increment funding for redevelopment projects.