The California State Board of Equalization (“SBE”) is responsible for assessing property tax on property owned or used by telephone companies‚ companies selling or transmitting gas or electricity‚ and other specified companies operating in California. Although final state assessments are still months away‚ the SBE has already started laying the groundwork for its assessments.
On February 5‚ 2010‚ the SBE distributed its annual Expected Remaining Life and Condition Percent Factors for 2009. The SBE also has already held hearings on and established capitalization rates for this year’s assessments. Most state assessed taxpayers completed the filing of the taxpayer’s Annual Property Statement by March 1.
Taxpayers who are subject to state assessment‚ regardless of whether they anticipate appealing their assessment‚ should be involved in the SBE’s assessment process even before the SBE makes a final valuation decision. Many of the factors affecting their valuation will be decided well before the taxpayer is given notice of their assessed value.
Some of the other important upcoming events include:
On April 13 taxpayers will make presentations to the SBE on factors affecting 2010-11 valuation of state-assessed properties.
Following the April 13 meeting‚ primarily in May‚ SBE staff will meet with state assessees to discuss value indicators and supporting data for valuation.
On or before May 31‚ the SBE will set unitary values for all state assessed property.
July 20 is the last day to file a petition for unitary value reassessment and/or a petition for correction of allocated assessment.