Railroad companies
Sec. 11. (a) The fixed property of the railroad company consists
of real property which is not required for the operation of the railroad
and tangible personal property which is located within or on that real
property. The remaining property of the railroad company is
distributable property.
(b) A railroad company's definite-situs distributable property
consists of the company's:
(1) rights-of-way and road beds;
(2) station and depot grounds;
(3) yards, yard sites, superstructures, turntable, and turnouts;
(4) tracks;
(5) telegraph poles, wires, instruments, and other appliances,
which are located on the right-of-ways; and
(6) any other buildings or fixed situs personal property used in
the operation of the railroad.
(c) A railroad company's property which is not described in
subsection (a) or (b) is indefinite-situs distributable property. This
property includes, but is not limited to, rolling stock. The department
of local government finance shall apportion and distribute the
assessed valuation of this property among the taxing districts in
which the railroad company operates its system. 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 railroad company's indefinite-situs distributable property,
multiplied by (2) a fraction, the numerator of which is the relative
value of the company's main lines, branch lines, main tracks, second
main tracks, and sidetracks, including all leased lines and tracks,
which are located in the taxing district, and the denominator of which
is the relative value of the company's main lines, branch lines, main
tracks, second main tracks, and sidetracks, including all leased lines
and tracks, which are located in this state.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.90-2002,
SEC.62.
Last modified: May 28, 2006