Alaska Slaps Oil Giants With $10B Property Tax Valuation

Law360, New York (February 19, 2014, 5:26 PM EST) -- The Alaska Supreme Court dealt a serious blow to several oil giants on Wednesday, agreeing with a lower court that the Trans-Alaska Pipeline was properly valued at almost $10 billion for property tax purposes.

In a split opinion, Chief Justice Dana Fabe said the trial court was within its legal right to use the replacement cost property valuation method to arrive at the $10 billion number, instead of the fair market value method pushed by BP Pipelines (Alaska) Inc., ConocoPhillips, Exxonmobil Pipeline Company and others....
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