The assessor of the county in which the aircraft is habitually situated shall assess the aircraft at its market value.
Aircraft Assessment and TaxationAssessment
Section § 5362
This law requires the county assessor to evaluate and assign a market value to any aircraft that typically resides in their county.
county assessor aircraft assessment market value
Section § 5363
This law requires that when a county assessor evaluates an aircraft's value for tax purposes, they must follow specific market value standards set by the board. The assessor cannot consider traditional or usual methods when determining the value for any type or class of aircraft.
In assessing aircraft, the county assessor shall determine the market value of the aircraft in accordance with standards and guides to the market value of aircraft prescribed by the board. In determining the market value of aircraft the assessor shall not take into account the existence of any custom or common method, if any, in arriving at the market value of any class or classes of aircraft.
aircraft assessment county assessor market value
Section § 5364
This law requires the board to set standards or approve existing guides, after holding a public hearing, which the county assessor will use to determine the market value of aircraft for tax purposes.
The board shall establish standards and fix guides or, after a public hearing, shall review and approve commercially available guides, to be used by the county assessor in the assessment of aircraft at market value.
aircraft assessment market value county assessor
Section § 5365
This law section requires aircraft owners to provide detailed information to the county assessor if their aircraft is primarily located in that county. The information needed includes the aircraft's serial number, make, model, year of manufacture, and maintenance activities, such as total hours logged after the engine's last major overhaul. This helps in determining the aircraft’s full value for assessment purposes.
Upon request of the assessor of the county in which an aircraft is habitually based, the owner shall file with the assessor a statement setting forth information about the aircraft that is necessary to ascertain the full value of the aircraft, including, but not limited to, the serial number, the make, model, year of manufacture of the aircraft, and engine and maintenance information, including the total hours logged on the aircraft following the last major overhaul of the engine of the aircraft.
aircraft valuation county assessor serial number
Section § 5366
Airport owners and operators, whether they are running private or public airports, need to give a list with details of aircraft that use their airport regularly. This list should include the owners' names and addresses, as well as the make, model, and registration number of each aircraft. This needs to be done within 15 days after the annual tax lien date. County assessors also have to prepare a similar list which includes the assessed value of the aircraft, and send it to the California Department of Transportation's Division of Aeronautics by a specific deadline.
Owners, as well as operators, of private and public airports shall, within 15 days following the lien date of each year, provide the assessor of the county in which the airport is situated with a statement containing a list of names and addresses of the owners, and the make, model, and aircraft registration number, of all aircraft which were using the airport as a base. The assessors of each county shall, not later than the deadline to submit the required statistical statement pursuant to Section 407, provide the California Department of Transportation, Division of Aeronautics with a statement containing a list of names, addresses of owners, make, model, aircraft registration number, and assessed value of all aircraft which were using airports in the county as a base.
airport owners airport operators aircraft registration
Section § 5367
This law states that if someone doesn't file a required statement about their aircraft's value by the deadline set by the assessor, a penalty of 10% of the aircraft's market value will be added to the aircraft's assessed value. However, if the person can prove to the county board that they had a good reason for not filing on time and were not neglectful, the board can remove the penalty. To do this, the person must apply for a penalty cancellation within the legally allowed time for requesting assessment reductions. If the penalty is lifted, it will be canceled or refunded just like taxes mistakenly charged or collected.
If any person who is requested to file a statement pursuant to Section 5365 fails to file such statement by the time specified by the assessor, a penalty of 10 percent of the market value of the unreported aircraft shall be added to the value of the aircraft of such person which is placed on the current roll.
If the assessee establishes to the satisfaction of the county board of equalization or the assessment appeals board that the failure to file the statement was due to reasonable cause and not due to willful neglect, it may order the penalty abated; provided, that the assessee has filed with the county board written application for abatement of the penalty within the time prescribed by law for the filing of applications for assessment reductions.
If the penalty is abated, it shall be canceled or refunded in the same manner as an amount of tax erroneously charged or collected.
aircraft valuation penalty statement filing deadline market value penalty
Section § 5368
If you're an owner or operator of an airport, whether private or public, you must give the county assessor data about the planes using your airport. This includes the plane's make, model, registration number, and when they come and go, but only if the assessor asks for it.
Owners, as well as operators, of private and public airports shall provide, upon the request of the assessor of the county in which the airport is situated, a statement containing the make, model, aircraft registration number, and arrival and departure information of all aircraft utilizing the airport facilities.
airport owner responsibilities airport operator obligations aircraft information
