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NR# 22-C
Date: May 31, 2002
Contact: Sherilyn Larsen Customer and Taxpayer Services Division
916-445-3192
Board of Equalization Sets Values of Privately-Held
Public Utilities
John Chiang, Chair, State Board of Equalization
(BOE), reported
today that the BOE set the unitary values of privately-owned
public utility companies in California at $65.3 billion (including
applicable penalties), which is an increase of $2.8 billion,
or 4.4 percent, from last year. This will translate into approximately
$718 million in revenue for local governments in fiscal year
2002/2003.
Utility companies include railroad,
telephone (long distance,
local, and wireless), telegraph, gas and electric companies,
and intercounty pipelines. Unitary values apply to properties
owned or used by utility companies and considered necessary
to their operation.
State-assessed properties, unlike
those that are locally
assessed, are not subject to the provision of Proposition
13 which limits the annual increase in assessed values of
unsold properties to 2 percent. Therefore, public utilities
are reappraised at their market value annually by the BOE.
The values set by the BOE are used by county governments
to levy local property taxes, which help support county governments,
cities, special districts, and schools.
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(A list of 2002
Unitary Values) |
