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.READ MORE: Victims Of EDD Bank Of America Debit Card Fraud Could Be Taxed On Benefits They Never Received
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.READ MORE: 5 Charged In SF Corruption Probe, Temporarily Barred From Receiving City Contracts
Chevron has also appealed its 2010 and 2011 assessed values. Hearings on that appeal were set to start on April 16.
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