The Tax Division of the Arkansas Public Service Commission shall assign or apportion the assessed value of the property of all persons, firms, companies, copartnerships, associations, and corporations which it is required to assess in the following manner:
(1) There shall be deducted from the true market or actual value of the entire property, tangible and intangible, ascertained as provided in this subchapter, the true market or actual value as ascertained from the information furnished by report or otherwise of all real and personal property of the company not used in its business as a public utility, and the remainder shall be treated as the true market or actual value of all its property, tangible or intangible, actually used or employed in its public utility business;
(2) The division shall then ascertain and fix the value of the total utility operating property, tangible and intangible, in this state by taking such proportion of the true market or actual value of the entire operating property, tangible or intangible, of the company actually used in its public utility business as its total lines within this state bear to the total lines, both within and without this state, or as its total receipts or income from operation, both within and without this state, or by using such other recognized method or combination of methods as will, in the judgment of the division, result in a just and equitable apportionment to this state of its due proportion of the value of the total utility operating property; and
(3) (A) When the value of the total utility operating property, tangible and intangible, in this state has been determined, or when the property and operations of the company are wholly within this state, there shall be assigned or apportioned to the several counties, towns, school districts, and other taxing districts through or in which the company operates the value of all real estate and all tangible personal property which had a fixed situs therein on January 1 of the current tax year. The remaining part of the assessment, if any, shall be assigned or apportioned among the several taxing districts in proportion to the value of the tangible property assigned or apportioned thereto.
(B) (i) The value assigned to rolling stock of street, suburban, or interurban railroads and railroad companies shall be apportioned among the several counties, towns, and school districts through or in which the company operated in proportion to the mileage operated therein.
(ii) The value of the personal property of any express or sleeping car company shall be apportioned among the several counties, towns, and school districts through or in which the company operated in proportion to the mileage operated therein.
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