Property taxation: assessment: electric generation facilities.

Existing property tax law generally requires a county assessor to assess all property subject to general property taxation at its full value, but requires the State Board of Equalization to annually value and assess all of the taxable property within the state that is to be assessed by it pursuant to the California Constitution, which includes, among other things, property, except franchises, owned or used by companies transmitting or selling electricity and property owned or used by other public utilities, as authorized by the Legislature. Existing property tax law authorizes the board to use the principle of unit valuation in valuing properties of a state assessee that are operated as a…