The assessor shall determine pre-reduction Measure 50 taxes under this section.
For each taxing district in the county, the assessor shall subtract from the taxing district’s Measure 5 imposed tax estimate all of the following:
The total amount imposed to pay principal and interest on exempt bonded indebtedness;
The amount certified to pay qualified obligations of the taxing district;
The amount imposed to repay indebtedness of an urban renewal area;
If the taxing district is other than a city, county or school district, the amount imposed that is used to support a hospital facility; and
The amount imposed pursuant to an operating tax levy approved by voters prior to December 5, 1996, and for which property taxes are first imposed for the tax year beginning July 1, 1996, or July 1, 1997, if the levy was approved by voters in an election:
In which at least 50 percent of registered voters eligible to vote in the election cast a ballot; or
That was the general election in an even-numbered year.
The amount determined under subsection (2) of this section shall be the taxing district’s pre-reduction Measure 50 tax. [1997 c.541 §26]