Bridge companies
Sec. 6. (a) The fixed property of a bridge company consists of real
property which is not part of a bridge head or right-of-way of the
company. The remainder of the bridge company's property is
distributable property.
(b) A bridge company's definite-situs distributable property
consists of:
(1) bridges;
(2) land on which bridge heads are located; and
(3) the company's rights-of-way.
(c) A bridge company's property which is not described in
subsection (a) or (b) is indefinite-situs distributable property. The
department of local government finance shall apportion and
distribute the assessed valuation of this property among the taxing
districts in which the company has property that is described in either
subsection (a) or (b). The amount which the department of local
government finance shall distribute to a taxing district equals the
product of (1) the total assessed valuation of the bridge company's
indefinite-situs distributable property, multiplied by (2) a fraction,
the numerator of which is the value of the company's property which
is located in the taxing district and which is described in either
subsection (a) or (b), and the denominator of which is the value of
the company's property which is located in this state and which is
described in either subsection (a) or (b).
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by Acts 1977,
P.L.2, SEC.12; P.L.90-2002, SEC.58.
Last modified: May 28, 2006