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Did AB 1492 increase the Williamson Act contract cancellation fee from 12.5 percent to 25 percent?

April 26, 2017AB ACT cancellation contract fee increase williamson

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Did AB 1492 increase the Williamson Act contract cancellation fee from 12.5 percent to 25 percent?

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The cancellation fee is still 12.5 percent of the unrestricted current fair market value of land. AB 1492 allows a local government to levy a monetary penalty for a material breach of contract up to 25 percent of the unrestricted fair market value of land rendered incompatible by the breach, plus 25 percent of the value of any incompatible building and related improvements on the contracted land. For the text of AB 1492 as chaptered, see: http://www.leginfo.ca.gov/pub/bill/asm/ab_1451-1500/ab_1492_bill_20031009_chaptered.