State Board of Equalization Sets Record $170.8 Billion in State-Assessed Property Values for California's Public Utilities and Railroads
Schools and Local Communities to Receive $2.9 Billion

What You Need to Know: The California State Board of Equalization adopted $170.8 billion in state-assessed property values for fiscal year 2026-27, a 2.3% increase over the prior year. These values are expected to generate approximately $2.9 billion in property tax revenue to support schools and local communities throughout California.

Sacramento — Today, the California State Board of Equalization (BOE) unanimously adopted $170.8 billion in state-assessed property values for the primary operations of 374 companies in California, including telephone, gas and electric companies, independent power producers, regulated railroads, and intercounty pipelines. The property items owned or leased by a state assessee used in their primary operation are also referred to as their unitary property (PDF).

The values adopted by the BOE for fiscal year 2026-27 are expected to generate approximately $2.9 billion in property tax revenue supporting schools and local communities statewide. County governments will use the final values sent by the BOE in July, including adjustments and the addition of non-unitary properties (such as vacant land), to levy local property taxes.

“Most Californians will never see this process firsthand, but they benefit from it every day through the schools, public-safety services, and local community programs that property taxes help support. As the state's only value-setting agency with a statewide perspective, the Board has a unique constitutional responsibility to assess these complex properties fairly and consistently — helping ensure schools and local governments receive the property tax revenues they rely on.”
BOE Chair Sally J. Lieber (2nd District)

For fiscal year 2026-27, the total state-assessed value increased by $3.8 billion, or 2.3% over the prior year, which will generate approximately $64 million in additional property tax revenue.

This year's total also includes 61 new Voice over Internet Protocol (VoIP) companies added to BOE's assessment jurisdiction as of the January 1 lien date.

While most property in California is assessed by County Assessors, the California Constitution requires the BOE to directly assess certain public utilities, regulated railroads, and intercounty pipelines throughout the state.

Unlike most locally assessed property, state-assessed property is not subject to Proposition 13. Each year, the BOE determines the fair market value of these properties by considering factors including market conditions, income generated by the property, replacement costs, investments in infrastructure, depreciation, and the regulatory environment as of the January 1 lien date.

Additional information, including the complete list of state-assessed property values, is available through the BOE's State-Assessed Properties Program.