In action Tuesday, May 24, the California State Board of Equalization (BOE) unanimously adopted the $136.3 billion in assessed property values of 339 companies within California, which include telephone, gas, and electric companies, independent power producers, regulated railroads, and intercounty pipelines. In the upcoming fiscal year, schools and local communities statewide will receive a total of approximately $2.16 billion in property tax revenue resulting from the Board exercising one of its core constitutional functions.

“One of the most critical functions the BOE performs annually is adopting property values assessed by the state,” said BOE Chair Malia M. Cohen. “California’s schools and local communities will directly benefit due to the BOE’s essential work and expertise.”

Whereas most property in California is assessed by County Assessors, the BOE is constitutionally assigned to directly assess certain public utilities, regulated railroads, and intercounty pipelines throughout the state. Also, these properties are not subject to Proposition 13, and the BOE must annually determine the fair market value of the unitary property that includes improvements, personal property, and land. The BOE develops the fair market value by considering market conditions, use of and income generated by the property, replacement costs, investments in the property, regulatory climate, depreciation, and other factors as of the January 1 lien date.

For fiscal year 2022-23, there was a 7.8 percent increase in the total value from last year in the amount of $9.9 billion which will generate approximately more than $156 million additional tax dollars. County governments will use the values set by the BOE to levy the local property taxes.

The entire list of assessed property values and more information on the State-Assessed Properties Program is available on the BOE website.