Property taxation: certificated aircraft assessment.

Existing property tax law requires the personal property of an air carrier be taxed at its fair market value, and the California Constitution requires property subject to ad valorem property taxation to be assessed in the county in which it is situated. Existing law, for the 2005–06 fiscal year to the 2010–11 fiscal year, inclusive, specifies a formula to determine the fair market value of certificated aircraft of a commercial air carrier. Existing law further requires, until December 31, 2010, the Aircraft Advisory Subcommittee of the California Assessors' Association to designate, after soliciting input from commercial air carriers operating in the state, a lead county assessor's…