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§ 27. Valuation of Possessory Interests for the Production of Hydrocarbons.

18 CA ADC § 27Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 18. Public Revenues
Division 1. State Board of Equalization--Property Tax (California Department of Tax and Fee Administration -- Timber Yield Tax, See Chapter 11)
Chapter 1. Valuation Principles and Procedures
18 CCR § 27
§ 27. Valuation of Possessory Interests for the Production of Hydrocarbons.
Currentness
(a) The taxable value of all possessory interests for the production of gas, petroleum, and other hydrocarbon substances from beneath the surface of the earth shall be determined by application of the comparative sales or income approach in the manner prescribed in subsections (e)(1) or (e)(3) of Regulation 21, except as provided in subsection (b) of this regulation.
(b) The taxable value of a possessory interest for the production of hydrocarbon substances from beneath the surface of the earth shall be determined by application of the comparative sales or income approach in the manner prescribed in subsections (f)(1) or (f)(3) of Regulation 21 if:
(1) the interest was created or last extended or renewed on or before July 26, 1963, and the rate of royalties or other right to share in production was not reduced because of an increase in the assessed value of such interest; or
(2) the interest was created on or before July 26, 1963, and has been extended or renewed thereafter pursuant to authority which prohibits reduction of the rate of royalty or other right to share in production because of an increase in the assessed value of such interest.

Credits

Note: Authority cited: Section 15606, Government Code. Reference: Sections 107, 107.2 and 107.3, Revenue and Taxation Code.
History
1. New section filed 1-19-71; effective thirtieth day thereafter (Register 71, No. 4).
2. Editorial correction deleting footnote filed 7-30-82 (Register 82, No. 31).
3. Change without regulatory effect amending section and Note filed 3-18-2005 pursuant to section 100, title 1, California Code of Regulations (Register 2005, No. 11).
This database is current through 4/19/24 Register 2024, No. 16.
Cal. Admin. Code tit. 18, § 27, 18 CA ADC § 27
End of Document