AB 1521 Summary

• Modifies vehicle license fee adjustment calculations for cities and counties starting in fiscal year 2014-15 by basing adjustments on changes in assessed valuation rather than prior formulas.

• For fiscal year 2014-15, vehicle license fee adjustment amounts are calculated using the cumulative percentage change in gross taxable assessed valuation from 2004-05 to 2014-15; for 2015-16 and thereafter, adjustments are based on year-to-year changes in assessed valuation.

• Increases the County of Orange's vehicle license fee adjustment amount by $53,000,000 for fiscal year 2013-14, with this increase reflected in all subsequent fiscal year calculations.

• Establishes special rules for cities incorporating after January 1, 2004 and on or before January 1, 2012, allocating vehicle license fee adjustment amounts based on population ratios.

• Requires county auditors to report vehicle license fee adjustment amounts to the State Controller by June 30 of each fiscal year and takes effect immediately as an urgency statute.