RICHMOND, Calif. — Contra Costa County officials have reached a tentative agreement on a repayment plan for an $18 million tax refund the county owes Chevron Corp.
Officials say the county and its agencies reached a deal with the oil giant to pay $6 million on Aug. 1 and make a second $12 million payment in August 2011.
County Auditor Stephen Ybarra says local cities will share the pain of having to pay the refund in December 2011 because the money owed will deducted from the property tax they receive from a county tax trust fund.
The rest of the money will be deducted in December 2012.
Contra Costa County has to refund the money to San Ramon-based Chevron after an assessment appeals board determined that the county over-assessed Chevron's Richmond refinery for the 2003-through-2006 tax years.
Information from: Contra Costa Times