CA AB448

Modifies the vehicle license fee adjustment amount calculation for fiscal years 2015-16 and thereafter by basing it on changes in assessed valuation rather than prior fiscal year amounts.

For 2015-16, the adjustment amount equals the 2004-05 base amount plus the product of that base amount and the percentage change in gross taxable assessed valuation from 2004-05 through 2015-16.

For 2016-17 and subsequent fiscal years, the adjustment amount equals the prior year amount plus the product of that amount and the percentage change in assessed valuation from the immediately preceding fiscal year to the current fiscal year.

Increases the County of Orange's vehicle license fee adjustment amount by $53 million for 2013-14, with this increased amount serving as the basis for all subsequent years' calculations.

Declares the act an urgency statute effective immediately to provide fiscal relief to cities that annexed inhabited areas and lost revenue under Senate Bill 89.