Board of Equalization adopts 2025 unitary values for state-assessed utilities, railroads and telecoms

The California State Board of Equalization adopted recommended 2025 unitary values for state-assessed properties on May 28, approving staff-recommended appraisals for five industry groups that county auditors will use to prepare local property tax rolls.

The values, finalized by motions and roll calls at the meeting in Sacramento, will be allocated to counties in mid-June and included in the final state-assessed roll for board adoption in July. Jack McCool, chief of the State Assessed Properties Division, told the board that “California's state constitution grants BOE the responsibility to assess property owned or used by certain public utilities, regulated railroads, and other specified companies operating in California, enabling counties to use those values to collect local property tax.” He also said, “This year's unitary values are 8.4% higher than last year's unitary values.”

Why it matters: Unitary values set by the board determine how billions of dollars of locally collected property tax revenue are divided among counties, cities, school districts and special districts. McCool's division recommended figures after months of appraisal work and said the increases are driven largely by replacement investments by major investor-owned utilities.

Board action and key figures - Staff reported 322 state assessees with unitary values this year and said the gas-and-electric industry accounts for roughly 74% of the total unitary value. McCool attributed much of the overall 8.4% increase to large…