Board Sets Values of Privately Held Public Utilities - News Release - 2000
Board Sets Values of Privately Held Public Utilities
James E. Speed, Executive Director, State Board of Equalization (BOE), reported today that the BOE set the unitary values of privately owned public utility companies in California at $61.9 billion, which is a decrease of $4.2 billion, or 6.4 percent from last year. This will translate into approximately $681 million in revenue for local governments in fiscal year 00/01.
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.