The California State Board of Equalization unanimously adopted the $167.2 billion in state-assessed property values of 322 companies within California, including telephone, gas, and electric companies, independent power producers, regulated railroads, and intercounty pipelines.

In the upcoming fiscal year, California’s schools and local communities will receive approximately $2.8 billion in property tax revenue resulting from the BOE fulfilling one of its core constitutional functions.

“This is a critical function of the Board by adopting these values today,” said BOE Chairman Ted Gaines. “Schools and local communities will benefit from our action and receive the needed funding to support essential services.”

While most property in California is assessed by County Assessors, the BOE is required by the California Constitution to directly assess certain public utilities, regulated railroads, and intercounty pipelines throughout the state. These properties are not subject to Proposition 13, and the BOE must annually determine the unitary property’s fair market value, including improvements, personal property, and land. The BOE develops the fair market value by considering market conditions, income generated by the property, replacement costs, investments in the property, regulatory climate, depreciation, and other factors as of the January 1 lien date.

For fiscal year 2025-26, the total value increased by 8.4% or $13 billion from last year, generating approximately $218 million in additional tax dollars. County governments will use the values set by the BOE to levy local property taxes.

The entire list of state-assessed property values and more information on the State-Assessed Properties Program is available on the BOE website.