CA AB384

Extends the valuation formula for certificated aircraft of commercial air carriers from the 2010-11 fiscal year through the 2015-16 fiscal year, and extends related assessment procedures until December 31, 2015.

Establishes a rebuttable presumption that the fair market value of certificated aircraft equals the lesser of two calculation methods based on original cost with adjustments, or wholesale used aircraft prices with a fleet discount.

Requires that the value of individual aircraft assessed to original owners cannot exceed the aircraft's original cost from the manufacturer.

Designates a lead county assessor's office for each commercial air carrier to calculate unallocated aircraft values and conduct centralized audits, while individual county assessors remain responsible for assessment and enrollment in their counties.

Allows commercial air carriers to file a single property statement with the lead county assessor's office for all certificated aircraft with situs in the state, including electronic filing options.