MARTINEZ -- Chevron has lost an appeal of the property values assigned to its Richmond refinery and will pay an additional estimated $26.7 million in taxes rather than collect a refund worth nearly three times that amount.

The county, cities and special districts heaved a big sigh of relief at Monday morning's Assessment Appeals Board decision, which could have forced public agencies to repay Chevron as much as $73 million.

Chevron had accused Contra Costa Assessor Gus Kramer of intentionally driving up the refinery's taxable values between 2007-2009.

But the three-member panel said the evidence showed Kramer actually undervalued the Richmond operation by 10 to 23 percent. It raised the refinery's fair market values, respectively, at $3.7 billion, $4.4 billion and $3.8 billion for 2007, 2008 and 2009.

Chevron put the values substantially lower at $1.8 billion, $1.4 billion and $1.1 billion for the same years.

Two years ago, the oil company received a $17 million refund on its 2004-2006 property taxes based on a prior appeal's board decision. Chevron filed a lawsuit in Superior Court, which is still pending.

Chevron has also appealed its 2010 and 2011 assessed values. Hearings start April 16.

Contact Lisa Vorderbrueggen at 925-945-4773, lvorderbrueggen@bayareanewsgroup.com, www.ibabuzz.com/politics