721-725

REVENUE AND TAXATION CODE
SECTION 721-725




721.  The board shall annually value and assess all of the taxable
property within the state that is to be assessed by it pursuant to
Section 19 of Article XIII of the Constitution and any legislative
authorization thereunder.


721.5.  (a) (1) Notwithstanding Section 721 or any other provision
of law to the contrary, commencing with the lien date for the 2003-04
fiscal year, the board shall annually assess every electric
generation facility with a generating capacity of 50 megawatts or
more that is owned or operated by an electrical corporation, as
defined in subdivisions (a) and (b) of Section 218 of the Public
Utilities Code.
   (2) For purposes of paragraph (1), "electric generation facility"
does not include a qualifying small power production facility or a
qualifying cogeneration facility within the meaning of Sections 201
and 210 of Title II of the Public Utility Regulatory Policies Act of
1978 (16 U.S.C. Secs. 796(17), (18) and 824a-3), and the regulations
adopted for those sections under that act by the Federal Energy
Regulatory Commission (18 C.F.R. 292.101-292.602).
   (b) This section shall be construed to supersede any regulation,
in existence as of the effective date of this section, that is
contrary to this section.


722.  State-assessed property shall be assessed at its fair market
value or full value as of 12:01 a.m. on the first day of January. The
board shall annually prepare an assessment roll of the assessments
made by it for transmittal to county auditors and city auditors as
hereinafter provided in this chapter.


722.5.  (a) Real property assessed by the board pursuant to Section
19 of Article XIII of the California Constitution on January 1, which
thereafter becomes subject to local assessment, shall not be
assessed locally during the remainder of the assessment year, except
as provided in Chapter 3.5 (commencing with Section 75) of Part 0.5
of Division 1.
   (b) Personal property that becomes subject to board assessment
after January 1, and real property that becomes subject to board
assessment on or after January 1, and on or before the following
January 1, shall not be state assessed until the assessment year
commencing on the latter January 1.



723.  The board may use the principle of unit valuation in valuing
properties of an assessee that are operated as a unit in a primary
function of the assessee. When so valued, those properties are known
as "unitary property." Property of an assessee not valued through the
use of the principle of unit valuation are known as "nonunitary
property." When valuing nonunitary property, the board shall consider
current market value information of comparable properties provided
by the assessor just prior to the reappraisal by the board of that
property.


723.1.  Operating nonunitary properties are those that the assessee
and its regulatory agency consider to be operating as a unit, but the
board considers not part of the unit in the primary function of the
assessee. This section does not apply to state-assessed property of
regulated railway companies. In the case of regulated railway
companies, there shall be only two classifications of property for
purposes of this code, unitary and nonunitary.



724.  Whenever any act is required or allowed to be done on or
before a date specified in this chapter and that day is a Saturday,
Sunday or holiday, the act may be performed timely during the next
following business day.


725.  The failure to receive any notice required to be given by the
board or the failure of the board to complete any action by a date
specified under this chapter, shall not affect the validity of an
assessment or the validity of any taxes levied pursuant thereto. When
any notice given by the board pursuant to this chapter provides for
a time period of less than 10 days, the notice shall also be
communicated by telephone on the day the notice is dated.