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Financial Management for Elected Officials January 2013 <br /> <br />Institute for Local Government www.ca-ilg.org 28 <br /> <br /> <br /> <br />Williamson Act and Open Space Subvention Officially known as the California Land Conservation Act <br />of 1965, a law that allows local agencies to enter into <br />contracts with private landowners to restrict specific <br />parcels of land to agricultural or related open space use. In <br />return, landowners receive property tax assessments which <br />are much lower than normal because they are based upon <br />farming and open space uses as opposed to full market <br />value. The program contemplates local agencies receive <br />an annual subvention of forgone property tax revenues <br />from the state. <br /> <br />Yield The total amount of revenue an agency expects to receive <br />from a tax, determined by multiplying the tax rate by the <br />tax base. Also, the annual rate of return on an investment, <br />expressed as a percentage of the investment. <br />Page 50 of 109