California Court of Appeal

Rule 468 of the State Board of Equalization does not attempt to create an exception to the fair market value basis of taxation generally established in article XIII, section 1 of the Cal. Constitution. Rather, the rule crystallizes the fair market value standard in the particular context of the right to extract petroleum from the ground, and bases taxable value on all reserves "which geological and engineering information indicate with reasonable certainty to be recoverable in the future, taking into account reasonably projected physical and economic operating conditions." Trial court ordered to grant Assessor's petition for writ of mandate, and to direct Assessment Appeals Board to correct value of the subject property.

Appellate Information

• Decided 10/29/2002
• Published 10/29/2002

Judges

Court

• California Court of Appeal

Counsel

• For Appellant:
  
•  Howard, Rice, Nemerovski, Canady, Falk & Rabkin, Steven L. Mayer, San Francisco;  B.C. Barman, Sr., County Counsel, John M. Gallagher, Chief Deputy County Counsel, and Jerri S. Bradley, Deputy County Counsel, for Plaintiff and Appellant., Rodi, Pollock, Pettker, Galbraith & Cahill, John D. Cahill, Cris K. O'Neall, C. Stephen Davis, Robert C. Norton, Wade E. Norwood, Los Angeles;  Morrison & Foerster, Thomas H. Steele, Peter B. Kanter, San Francisco, John Sobieski, Los Angeles, Pilar M. Sansone;  Clifford & Brown and Patrick J. Osborn, Bakersfield, for Real Party in Interest and Appellant.,  Mayer, Brown, Rowe & Maw, Gregory R. McClintock, Los Angeles, and Brian E. Wall for Western States Petroleum Association, California Independent Petroleum Association and Independent Oil Producers' Agency as Amici Curiae on behalf of Real Party in Interest and Appellant.


• For Appellees:
  
• No appearance for Defendant and Respondent.