Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2013
 

Revenue and Taxation Code

Division 2. Other Taxes

Part 11. Bank and Corporation Tax Law

Chapter 2. The Bank and Corporation Franchise Tax

Article 2. Tax on General Corporations*

Section 23154

23154. Tax in lieu of other taxes on general corporate franchise; taxation of special franchises. The tax imposed under this chapter is in lieu of all ad valorem taxes and assessments of every kind and nature upon the general corporate franchises of the corporations taxable under this chapter but is not in lieu of any taxes or assessments upon real property interests not otherwise exempted from taxation or assessment, that are created by special franchises owned, held, or used by those corporations. All those real property interests, not otherwise exempted from taxation or assessment, that are created by those special franchises shall be assessed annually by the board, at their actual value, in the same manner as is provided for the assessment of other property to be assessed by that board under Section 19 of Article XIII of the California Constitution, and shall be subject to taxation to the same extent and in the same manner as other property assessed under that constitutional provision by the board. For purposes of assessing a real property interest pursuant to the preceding sentence, the value of intangible assets or rights shall not enhance or be reflected in the value of that real property interest, except that the real property interest may be assessed and valued by assuming the presence of intangible assets and rights necessary to put the real property to beneficial or productive use.

History.—Stats. 1974, Ch. 311, in effect January 1, 1975, substituted "Section 19" for "Section 14" after "under" in the second sentence. Stats. 1995, Ch. 498, in effect January 1, 1996, added "real property interests not otherwise exempted from taxation or assessment, that are created by" after "taxes or assessments upon", added "," after "held", and substituted "those" for "said" after "used by" in the first sentence; substituted "those real property interests, not otherwise exempted from taxation or assessment that are created by those" for "such" after "all", substituted "that" for "said" after "assessed by", substituted "California Constitution" for "Constitution of this State" after "Article XIII of the", and substituted "assessed under that constitutional provision by the board" for "so assessed by said board" after "other property" in the second sentence; and added the third sentence.

Note.—Section 10 of Stats. 1996, Ch. 171, in effect July 17, 1996, provided that the amendments to Section 23154 of the Revenue and Taxation Code made by Section 17 of Chapter 498 of the Statutes of 1995 do not constitute a change in, but are declaratory of, existing law.

Assessment of property.—An assessor has authority to assess special franchise and taxable possessory interest of cable television company which is not a public utility and which uses public rights-of-way and public streets for cables. Cox Cable San Diego, Inc. v. San Diego County, 185 Cal.App.3d 368.

* Article 2 was added by Stats. 1949, Ch. 557, in effect October 1, 1949.