Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2017

Property Tax Annotations

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Annotation 790.0250

790.0250 Proved Reserves. Reserves do not become proved until all permits are secured and the production facilities are built, pipelines installed, etc. Only at that time can the base year value for proved reserves be determined and the property value reflect such reserves. Mineral rights or reserves cannot be treated as construction-in-progress, that is, they cannot be assessed at market value each year until production begins (Lynch v. State Board of Equalization, 164 Cal.App.3d 94.). LTA 12/15/1987 (No. 87/100).