Assessment of Land; Determination of Cancellation

Fee; Deferred Taxes; Waiver of Payment; Distribution of Deferred Taxes.

(a)Prior to any action of the Department giving tentative approval to the cancellation of any contract, the assessor shall determine the full cash value of the land in accordance with 11 GCA §§ 24305, 24306, 24307 as though it were free of the contractual restriction imposed pursuant to *[§19312.4 of the Government Code.] The assessor shall then determine the amount of deferred taxes and certify same to the Department as the cancellation valuation of the land for the purpose of determining the cancellation fee.