§ 12-1712. CANCELLATION FEE.

(a)

If a contract is canceled under Section 12-1710, the owner shall pay a cancellation fee equal to twelve and one-half percent of the current fair market value of the property, as determined by the County Assessor as though the property were free of the contractual restriction. (Gov. Code, § 50286(a).)

(b)

The cancellation fee shall be paid to the County Auditor, at the time and in the manner that the County Auditor shall prescribe, and shall be allocated by the County Auditor to each jurisdiction in the tax rate area in which the property is located in the same manner as the County Auditor allocates the annual tax increment in that tax rate area in that fiscal year.

(Added Ord. 2016-51, § 1, eff. 1-15-17).