Local governments throughout California will collect $1.07 billion in tax revenue in the upcoming 2014-15 fiscal year based on the state Board of Equalization’s most recent assessment of privately owned public utilities, railroads and others.
The value of all assessed properties came in at about $94.8 billion, up from $91.4 billion the previous year.
Pacific Gas & Electric Co. accounted for about 25 percent of the latest total with an assessment of nearly $24.7 billion.
Values were set for more than 400 companies with property in California. That included telephone, gas/electric companies, railroads and inter-county pipelines.
While most properties are assessed by county officials, privately held public utilities and others are assessed by BOE statewide. Those properties are not subject to Proposition 13 and are reappraised annually at market value as determined by BOE based on multiple factors.
Values set by BOE are used by county governments to levy local property taxes, which help support county governments, cities, special districts and schools.
Call The Bee’s Mark Glover, (916) 321-1184.