Elk Hills Power v. Board of Equalization

Opinion

CHIN, J.

This case presents questions regarding how the Board of Equalization (Board) may assess the value of an electric powerplant for purposes of property taxation. The issue is complicated by the circumstance that, with exceptions not relevant here, assessors may not include the value of intangible assets and rights in the value of taxable property. (Cal. Const., art. XIII, § 2; Rev. & Tax. Code, §§ 110, 212; Roehm v. County of Orange (1948) 32 Cal.2d 280 [196 P.2d 550] (Roehm).) In this case, the power company purchased “emission reduction credits” (ERCs)—credits the company had to…