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Real estate property values for utilities (including SDG&E) don't mirror reality
Translation: local government is getting ripped off in a way
Private utility giants across the state, including San Diego Gas & Electric, received notice on Tuesday (May 24) that the state Board of Equalization (BOE) was increasing assessments on utility-owned real estate just over 2 percent, with the official value of land held by private utilities and railroads statewide rising from $100.1 to $102.7 billion.
Utility-owned land, unlike most residential, commercial, and industrial parcels, is not assessed by local authorities but instead by the state. It's also not protected by California's Prop 13, which caps tax increases at 2 percent annually — utility property is supposed to be re-assessed at current market value each year.
"The BOE determines the fair market value on January 1st of each year by considering market conditions, use of the property, income generated by the property, replacement costs and investments in the property, regulatory climate, depreciation, and other factors," reads a statement issued by the board.
The problem? By most indicators, property values are up much more than 2 percent over the last year, leading to a potential windfall for private companies and a correspondent short-changing of local government coffers.
According to CoreLogic, an industry sales aggregator, 36 of the 46 counties it tracks (there are 58 counties in California) saw gains in residential real estate value above the Board of Equalization's 2 percent increase. In more than a third of the counties reporting, property values increased by more than 10 percent and by as much as 27.9 percent (San Diego as a whole saw an uptick of 5.1 percent from March 2015 to March 2016, the latest period for which numbers are published). A study issued by UCLA at the start of 2015 noted a similarly hot commercial and industrial real estate market expected to last at least through 2017.
Still, the modest increase in assessed property values, the BOE says, will result in "approximately $36 million more in taxes for local governments than in the current fiscal year."
Here's something you might be interested in.
Real estate property values for utilities (including SDG&E) don't mirror reality
Translation: local government is getting ripped off in a way
Real estate property values for utilities (including SDG&E) don't mirror reality
Translation: local government is getting ripped off in a way
Private utility giants across the state, including San Diego Gas & Electric, received notice on Tuesday (May 24) that the state Board of Equalization (BOE) was increasing assessments on utility-owned real estate just over 2 percent, with the official value of land held by private utilities and railroads statewide rising from $100.1 to $102.7 billion.
Utility-owned land, unlike most residential, commercial, and industrial parcels, is not assessed by local authorities but instead by the state. It's also not protected by California's Prop 13, which caps tax increases at 2 percent annually — utility property is supposed to be re-assessed at current market value each year.
"The BOE determines the fair market value on January 1st of each year by considering market conditions, use of the property, income generated by the property, replacement costs and investments in the property, regulatory climate, depreciation, and other factors," reads a statement issued by the board.
The problem? By most indicators, property values are up much more than 2 percent over the last year, leading to a potential windfall for private companies and a correspondent short-changing of local government coffers.
According to CoreLogic, an industry sales aggregator, 36 of the 46 counties it tracks (there are 58 counties in California) saw gains in residential real estate value above the Board of Equalization's 2 percent increase. In more than a third of the counties reporting, property values increased by more than 10 percent and by as much as 27.9 percent (San Diego as a whole saw an uptick of 5.1 percent from March 2015 to March 2016, the latest period for which numbers are published). A study issued by UCLA at the start of 2015 noted a similarly hot commercial and industrial real estate market expected to last at least through 2017.
Still, the modest increase in assessed property values, the BOE says, will result in "approximately $36 million more in taxes for local governments than in the current fiscal year."
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