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• <br /> RESOLUTION 18-13 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE TOWN OF <br /> LOS ALTOS HILLS SUPPORTING SENATE BILL 629—TAX EQUITY ALLOCATION <br /> WHEREAS, when Proposition 13 passed in 1978, it decreased property taxes by assessing <br /> property taxes at their 1975 levels and restricted annual increases of assessed value of real <br /> property to an inflation factor, not to exceed 2%per year; and <br /> WHEREAS, in 1979, the California State Legislature passed Assembly Bill (AB) 8, which <br /> included a provision to bring all "no-low tax" cities share of the property tax up to 7%.; and <br /> WHEREAS, subsequent legislation sponsored by Senator Vasconcellos reduced the share of the <br /> AB 8 property tax distribution for the cities of Cupertino, Los Altos Hills, Monte Sereno, and Saratoga; <br /> and <br /> WHEREAS,AB 117 sponsored by Assembly Member Rebecca Cohn in 2006, restored a portion <br /> of the Tax Equity Allocation(TEA)to the four cities; and <br /> WHEREAS, this legislation changed the Educational Revenue Augmentation Fund (ERAF) <br /> shares for Cupertino, Los Altos Hills, Monte Sereno, and Saratoga from .07 to .04 and these cities lost <br /> their proportion share of ERAF based on what they received in property tax at that time; and <br /> WHEREAS, the ERAF rate that the County was remitting was 47.7%, compared to the rate for <br /> the four separate cities,which ranged from 7.53%to 17.05%; and <br /> WHEREAS, all other no-and low-property tax cities received TEA allocations and were not <br /> subject to ERAF deductions; and <br /> •WHEREAS, Senate Bill 629 introduced by Senator Jim Beall, Jr., would finally resolve the <br /> inequality of property tax allocations by treating Cupertino, Los Altos Hills, Monte Sereno, and Saratoga <br /> like all other no-and low-property tax cities; <br /> NOW, THEREFORE, BE IT RESOLVED that the City Council of the Town of Los Altos <br /> Hills endorses Senate Bill 629 introduced by State Senator Jim Beall,Jr. <br /> The above and foregoing resolution was passed and adopted by the City Council of the Town of <br /> Los Altos Hills at a regular meeting held on the 21St day of March, 2013 by the following vote: <br /> AYES: Waldeck, Corrigan, Harpootlian, Larsen <br /> NOES: None <br /> ABSTAIN: None <br /> ABSENT: Radford <br /> BY: <br /> Gary Waldeck, Mayor <br /> Resolution 18-13 Page 1 <br />