Bp Pipelines (alaska) Inc., Conocophillips Transportation Alaska, Inc., Exxonmobil Pipeline Company, Koch Alaska…

Summary

The Alaska Supreme Court affirmed the superior court’s valuation of the Trans-Alaska Pipeline System for the 2006 property tax year. It held that the governing statute did not require use of fair market value, that use value and replacement cost less depreciation were permissible, and that the challenged depreciation adjustments and interest calculation were supported by the record and law. Justice Winfree, joined by Justice Stowers, dissenting in part, would have vacated and remanded the economic-obsolescence deduction because its factual basis and possible double counting were not adequately litigated.