Property taxation: valuation: certificated aircraft.

Existing property tax law requires the personal property of an air carrier to 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 property tax law, for the 2005–06 fiscal year to the 2016–17 fiscal year, inclusive, specified a formula to determine the preallocated fair market value of certificated aircraft of a commercial air carrier. Existing property tax law provides an allocation formula to be used by each assessor that is generally based on the proportionate amount of time that certificated aircraft spend within the state and within each county…