May 23, 2014 5:12 PM
SACRAMENTO — The California State Board of Equalization has announced that local governments will collect $1.075 billion in tax revenue in the upcoming fiscal year.
The revenue is from the BOE’s assessment of privately owned public utilities and railroads, where the values for these properties for fiscal year 2014-15 were set at $94.8 billion by the BOE’s board in Sacramento on Thursday.
The BOE said total values are $3.4 billion more than the $91.4 billion adopted by the board last year, and will generate approximately $40 million more in taxes for local governments than in the current fiscal year.
Values were set for 409 companies with property in California, which include telephone (long distance, local, and wireless), gas and electric companies, railroads, and inter-county pipelines.
While most properties are assessed by county officials, privately held public utilities are assessed by the BOE statewide. These properties are not subject to Proposition 13, and are reappraised annually at their market value.
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