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debt, and prescribed how levies on county-wide property values are to be shared with local
<br />taxing entities within each county.
<br />Certain counties in the State cf California, including San Mateo, offer a statutory
<br />program entitled Alternate Method of Distribution of Tax Levies and Collections and of Tax
<br />Sale Proceeds (the "Teeter Plan "). Under the Teeter Plon local taxing entities receive 100% of
<br />their tax levies net of delinquencies, but do not receive interest or penalties on delinquent taxes
<br />collected by the county. The County has elected not to apply the Teeter Plan to unsecured
<br />taxes; therefor the City's receipt of unsecured property taxes is subject to delinquencies.
<br />Assessed Valuation Informad m. Set forth below is a listing of the City's assessed
<br />valuations, net of homeowners' and other exemptions, for fiscal years 1998 -99 through 2002 -03.
<br />CITY OF REDWOOD CITY
<br />Assessed Value of All Taxable Property
<br />Source: California Municipal Statistics, Inc
<br />Largest Property Taxpayers. The largest local secured property taxpayers in the City,
<br />as shown on the 2002 -03 secured tax roll, are listed in the table below.
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<br />Local Secured
<br />Utility
<br />Unsecured
<br />Total
<br />% Change
<br />1998 -99
<br />$6,308,161,651
<br />$ 8,047,528
<br />$ 658,409,568
<br />$ 6,974,618,747
<br />--
<br />1999-00
<br />7,041,944,164
<br />7,011,450
<br />632,577,219
<br />7,681,532,833
<br />10.1%
<br />2000 -01
<br />7,685,646,240
<br />6,974,964
<br />887,013,508
<br />8,579,634,712
<br />11.7
<br />2001 -02
<br />8,832,221,653
<br />7,017,276
<br />1,198,589,253
<br />10,037,828,182
<br />17.0
<br />2002 -03
<br />9,643,114,042
<br />10,629,094
<br />1,107,339,517
<br />10,761,082,653
<br />7.2
<br />Source: California Municipal Statistics, Inc
<br />Largest Property Taxpayers. The largest local secured property taxpayers in the City,
<br />as shown on the 2002 -03 secured tax roll, are listed in the table below.
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