(A) Section 5.08.130 of this chapter shall become operative on January 1 of the year following the year in which the state’s Board of Equalization adopts an assessment ratio for state assessed property which is identical to the ratio which is required for local assessments by Cal. Revenue and Taxation Code § 401, at which time § 5.08.120 of this chapter shall became inoperative.
(B) In the event that § 5.08.130 of this chapter becomes operative and the state’s Board of Equalization subsequently adopts an assessment ratio for the state-assessed property which is higher than the ratio which is required for local assessments by Cal. Revenue and Taxation Code § 401, § 5.08.120 of this chapter shall become operative on the first day of the month next following the month in which the higher ratio is adopted, at which time § 5.08.130 of this chapter shall be inoperative until the first day of the month following the month in which the Board again adopts an assessment ratio for state-assessed property which is identical to the ratio required for local assessments by Cal. Revenue and Taxation Code § 401, at which time § 5.08.130 shall again become operative and § 5.08.120 shall become inoperative.
(1995 Code, § 5.08.140)