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

Summary

The court affirmed the superior court's valuation of the Trans-Alaska Pipeline System for 2006 property-tax purposes. It held that the governing statute did not require fair-market-value assessment, that use value was appropriate for this integrated and special-purpose pipeline, and that the superior court properly addressed depreciation, excess capacity, and supplemental-tax interest. WINFREE, Justice, dissenting in part, would have vacated the economic-obsolescence deduction for excess capacity and remanded for further proceedings because the issue and its factual basis were not adequately litigated.