In an interesting bipartisan move, GOP Assemblyman Guy Houston (pictured on the bottom right) and Democratic Assembly Mark DeSaulnier (pictured on the top right) have teamed up on a bill that seeks to equalize what counties receive from the state as a share of property taxes.

A.B. 2872, the legislators say, would bring more general funding to counties such as Contra Costa that receive a lower percentage of property taxes than other counties.

On average, counties receive into their general funds 17 percent of the property taxes that its residents pay. But Contra Costa collects just 11 percent, the lawmakers say. San Francisco and Alpine counties receive more than 60 percent, although the comparison with San Francisco falls short because it is a combined city-county government structure.

A county assesses and collects property taxes. But the state Legislature established the distribution formulas in 1979 after voters passed Proposition 13, which placed restrictions on property tax rates. The money is redistributed by the state to counties, cities, schools and special districts.

“Just as our suburban schools suffer from unfair funding formulas, outdated laws have frozen funding levels to our counties for nearly 30 years,” Houston said. “Since 1979, counties like Contra Costa have watched their population and the needs of its residents increase, but the county’s share of property taxes has not. Property taxes are a community’s largest source of income. When a county doesn’t receive its fair share, local programs suffer. Contra Costa County stands to gain over $80 million if my measure passes.”

A.B. 2872 would bring funding levels over the next 20 years for all counties to at least the state average of 17 percent. Contra Costa County could gain more than $80 million.

The folks over at the county offices in Martinez aren’t dancing a jig and celebrating the end of their financial woes, though.

Houston terms out this year and DeSaulnier is running unopposed in the June 3 primary for state Senate.

This bill also comes at a time when the Legislature faces a massive budget deficit and steep philosophical partisan divide over whether to close the gap with cuts, tax hikes or both. Although the two men say the shift would occur over the course of 20 years, another piece of legislation that tries to redivide an already contested financial pie could easily find itself in a committee’s round file.

On the other hand, we can expect Houston will use the proposed legislation in his campaign stump speeches in his race for Contra Costa County supervisor.

For you data geeks out there, here’s the property tax spreadsheet that shows the percentage in counties statewide: (Click on it and it will take you to the fullsized version so you can read it. Or you can click here to access it on Houston’s web site.)