Chevron Loses Tax Appeal, Owes $26.7 Million to Contra Costa

Gas prices are rising at the pump -- and Chevron's bill is rising with the tax collector.

The oil giant owes much more in property taxes on its Richmond refinery than originally suspected. Chevron had been seeking a $73 million refund from Contra Costa County, but an appeals board ruled Monday that Chevron in fact owes $26.7 million, according to the Contra Costa Times.

Chevron accused the county of inflating the refinery's values between 2007 and 2009, according to the newspaper. Chevron valued its operation at between $1.1 and $1.8 billion, while the county values the refinery at worth between $3.7 and $4.4 billion, the newspaper reported.

There was worry that Contra Costa County would be forced to pay Chevron a refund in overpaid taxes, which could have led to massive layoffs and other huge problems for the county.

Chevron filed a lawsuit in Superior Court which is still pending, the newspaper reported.

In the meantime, Chevron has also appealed its 2010 and 2011 tax bills. Hearings on those assessments begin April 16.