BP Pipelines (Alaska) Inc. v. State, Department of Revenue

OPINION

FABE, Chief Justice.

I. INTRODUCTION

This case involves the assessed value of the Trans-Alaska Pipeline System for property tax purposes. On appeal from the Alaska State Department of Revenue and the State Assessment Review Board, the superior court conducted a trial de novo to assess the value of the pipeline by calculating its replacement cost and then accounting for depreciation. The parties dispute the method used to assess the pipeline's value as well as the specific deductions made for functional and economic obsolescence. We affirm the superior court's valuation.

II. FACTS AND…