LAGUNA HILLS
The City Council approved a deal Thursday under which it would share with the county any new property tax revenue the city would gain if it annexes part of Aliso Viejo.
Property is taxed at the rate of 1% of its value each year, with the money divided among the county, cities, school districts, water districts and other government agencies, said Dan Schwarz, policy analyst for the city.
Because Aliso Viejo is governed by the county, a part of the tax goes to the county instead of a city.
The city had to agree to give the county a portion of its share of the property taxes, Schwarz said. The deal is the final step in the city’s proposed annexation.
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