California Law (Last Updated: March 4, 2014) |
Revenue and Taxation Code - RTC |
Division 1. PROPERTY TAXATION |
Part 9. CORRECTIONS, CANCELLATIONS, AND REFUNDS |
Chapter 4. Cancellations |
ARTICLE 5. Cancellation of Taxes on Exempt Property |
Section 5083.
Latest version.
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If exempt property is acquired either by negotiated purchase or eminent domain any lien on the property for ad valorem taxes is extinguished as a matter of law upon the acquisition of the property, and the lien immediately transfers and attaches to the proceeds constituting the purchase price or award.
(Added by Stats. 1979, Ch. 31.)