Chevron to Get More Money from East Bay Taxpayers

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Oil giant Chevron, which regularly reports billions in quarterly profits, is going to get a $12.6 million break on its property taxes at its Richmond facility. Chevron complained that the Contra Costa County tax assessor had overvalued its Richmond property from 2004 to 2006. According to the Contra Costa Times, a county appeals board agreed with Chevron that the assessor got it wrong - although it ruled that the company's land is worth more than Chevron claimed. The ruling, if it stands, likely will mean that the cash-strapped county will have to pay the money back -- even though the oil giant can easily afford the tax bill.

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