Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014
 

Property Tax Annotations


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M

590.0000 MINES AND MINERALS

Annotation 590.0005

590.0005 Geothermal Properties. In Phillips Petroleum Company v. Lake County (1993) 15 Cal.App.4th 180, the court held that the interest of a lessee under a geothermal lease having proved reserves must be assigned a base year value at the time such an interest is acquired after March 1, 1975, and that such an interest may not be reappraised annually as "new construction in progress" as the facilities to develop the resource are constructed. LTA 7/22/1993 (No. 93/40).