Tunnel companies
Sec. 16. (a) The fixed property of a tunnel company consists of
real property which is not part of a right-of-way of the company. The
remainder of the tunnel company's property is distributable property.
(b) A tunnel company's definite-situs distributable property
consists of the company's tunnels and rights-of-way.
(c) A tunnel 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 tunnel 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 P.L.90-2002,
SEC.67.
Last modified: May 28, 2006