Section 1162 Of Article 7. Fractionally Owned Aircraft From California Revenue And Taxation Code >> Division 1. >> Part 2. >> Chapter 5. >> Article 7.
1162
. (a) On or before October 1, 2007, the Aircraft Advisory
Subcommittee of the California Assessors' Association may designate a
lead county assessor's office for each manager in control of a fleet
of fractionally owned aircraft.
(b) If a lead county assessor's office is designated under
subdivision (a), and that assessor's office accepts that designation,
the lead county assessor's office described in subdivision (a) shall
do all of the following:
(1) Notify, in writing, each manager in control of a fleet of
fractionally owned aircraft for which the lead county assessor has
been designated of this designation on or before the first October 15
that follows that designation.
(2) Receive the property statement, as described in subdivision
(l) of Section 441, of each manager in control of a fleet of
fractionally owned aircraft for which the lead county assessor has
been designated.
(3) Calculate, pursuant to Sections 5363 and 5364, an unallocated
value of all fractionally owned aircraft for each manager in control
of a fleet of fractionally owned aircraft for which the lead county
assessor has been designated.
(4) Electronically transmit to the assessor of each county in
which a fleet of fractionally owned aircraft has situs for the
assessment year the value determined by the lead county assessor's
office under paragraph (3) and the allocation factor described in
subdivision (c) of Section 1161.
(5) Lead the audit team described in subdivision (d) when that
team is conducting an audit of each manager in control of a fleet of
fractionally owned aircraft for which the lead county assessor has
been designated.
(c) (1) Notwithstanding subdivision (b), the county assessor of
each county in which a fleet of fractionally owned aircraft has situs
for an assessment year is solely responsible for assessing that
property by multiplying the unallocated value of each fleet type by
the allocation factor described in subdivision (c) of Section 1161,
and enrolling the total allocated value for the fleet type. In
appraising the unallocated value of the fleet type, the assessor may
consult with the lead county assessor's office designated for that
fleet.
(2) The lead county assessor's office is subject to Section 322 of
Title 18 of the California Code of Regulations and Sections 408,
451, and 1606 to the same extent as the assessor described in
paragraph (1).
(d) Notwithstanding Section 469, an audit of each manager in
control of a fleet of fractionally owned aircraft may be conducted
once every four years on a centralized basis by an audit team of
auditor-appraisers from at least one, but not more than three,
counties, as determined by the Aircraft Advisory Subcommittee of the
California Assessors' Association. An audit, so conducted, shall
encompass all of the California personal property and fixtures of the
manager of the fleet of fractionally owned aircraft and is deemed to
be made on behalf of each county for which an audit would otherwise
be required under Section 469.