42-14253. Annual report for purposes of determining valuation; failure to file; penalty; forfeiture of appeal rights
A. On or before April 1 of each year each company that operates in air commerce in this state shall file a report with the department under oath stating specifically the information prescribed by the department to allow it to determine the valuation required by this article. The department shall consider the information in the report in determining the valuation under this article, but that information is not conclusive.
B. On written request and for good cause shown, the director may extend the time for filing the report required by this section.
C. If a company that operates in air commerce fails to file the report on or before April 1 of the valuation year, or the extended due date if an extension is granted, the department shall:
1. Estimate the value of the property based on one hundred five per cent of the preceding year's full cash value or on any information that is available to the department.
2. Also assess a penalty in the amount of the lesser of:
(a) One-half of one per cent of the value that is estimated by the department.
(b) One hundred dollars per day for each day the company fails to file the report beyond the due date.
D. If the report is not filed by May 20 of the valuation year, the company forfeits its right to appeal the valuation and classification pursuant to section 42-14005.
Section: Previous 42-14159 42-14201 42-14202 42-14203 42-14204 42-14251 42-14252 42-14253 42-14254 42-14255 42-14256 42-14257 42-14301 42-14302 42-14303 NextLast modified: October 13, 2016