Business

Chevron Facing More Taxes On Richmond Refinery

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A car drives past the Chevron refinery in Richmond. (Justin Sullivan/Getty Images)

A car drives past the Chevron refinery in Richmond. (Justin Sullivan/Getty Images)

RICHMOND (CBS/AP) — Chevron Corp. faces additional taxes on its refinery in Richmond after an appeals board ruled that the refinery was worth more than the county’s assessment.

The Contra Costa County Assessment Appeals Board on Monday rejected Chevron’s appeal of its tax bill on the refinery for the years 2007 through 2009.

Chevron contended the county had inflated the value of the refinery, leading to a higher tax bill.

But the appeals board said the county had, in fact, undervalued the refinery by 10 to 23 percent in each of those years.

Based on the new assessment, Chevron owes an estimated $26.7 million in additional taxes.

Chevron has also appealed its 2010 and 2011 assessed values. Hearings on that appeal were set to start on April 16.

 

 

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

 

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