June 3, 2014 > Board of Equalization sets utility property values
Board of Equalization sets utility property values
Submitted By Brian Miller
Local governments will collect $1.075 billion in tax revenue in the upcoming fiscal year thanks to the California State Board of EqualizationÕs (BOE) assessment of privately owned public utilities and railroads. The values for these properties for Fiscal Year 2014-15 were set at $94.8 billion by the Board at its May 22 meeting in Sacramento.
Total values are $3.4 billion more than the $91.4 billion adopted by the Board last year, and will generate approximately $40 million more in taxes for local governments than in the current fiscal year. Values were set for 409 companies with property in California. They include telephone (long distance, local, and wireless), gas and electric companies, railroads, and inter-county pipelines.
While most properties are assessed by county officials, privately held public utilities are assessed by the BOE statewide. These properties are not subject to Proposition 13, and are reappraised annually at their market value.
More information on the BOEÕs State-Assessed Properties Program is available at www.boe.ca.gov/proptaxes/sappcont.htm. For additional information on other taxes and fees in California, visit www.taxes.ca.gov.