Pipe line companies
Sec. 10. (a) The fixed property of a pipe line company consists of:
(1) real property which is not part of a pipe line or right-of-way
of the company; and
(2) tangible personal property which is not part of the
company's distribution system.
(b) A pipe line company's property which is not described in
subsection (a) 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's pipe lines are located. 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 pipe line company's indefinite-situs distributable property,
multiplied by (2) a fraction, the numerator of which is the length of
the company's pipe lines in the taxing district, and the denominator
of which is the length of the company's pipe lines in this state.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.90-2002,
SEC.61.
Last modified: May 28, 2006