The Contra Costa Tax Appeals Board today released its findings in favor of higher valuations for Chevron’s Richmond Refinery after rejecting proposals from both the County Assessor’s office and Chevron! Instead, the board made its own determinations based largely on the report provided by Baker & O’Brien, the County Assessor’s consultant, after rejecting the Assessor’s own proposal. Lots to unpack; see PDFs of findings below. Richmond City Councilman Tom Butt sent this info to his mail list with subject “Shocking decision on Chevron Proerty Tax:
UPDATE 11:14 a.m.
The E-FORUM stringer at the Contra Costa County Supervisors Chamber just reported that the Assessment Appeals Board surprised a lot of people by actually increasing Chevron’s valuation for years 2007-2009, as follows:
· 2007 increased from $3.413 billion to $3.713 billion
· 2008 increased from $3.430 billion to $4.450 billion
· 2009 increased from $3.105 billion to $3.793 billion
See the Second document below (Supplemntal Findings) as this is where the Board determined that the rehab work done by Chevron at its refinery amounted to “new” equipment in terms of increasing capacity (and value) of the plant). This may be the critical finding that caused the Board to increase valuations.