Water distribution companies
Sec. 17. (a) The fixed property of a water distribution company
consists of:
(1) tangible personal property which is not used as part of the
company's distribution system; and
(2) real property which is not part of the company's
rights-of-way or distribution system.
A well, settling basin, or reservoir (except an impounding reservoir)
is not fixed property of a water distribution company if it is used to
store treated water or water in the process of treatment.
(b) A water distribution company's property which is not
described as fixed property under 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 water mains,
including feeder and distribution mains, 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 water distribution company's indefinite-situs distributable
property, multiplied by (2) a fraction, the numerator of which is the
length of the company's water mains, including feeder and
distribution mains, which are located in the taxing district, and the
denominator of which is the length of the company's water mains,
including feeder and distribution mains, which are located in this
state.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.90-2002,
SEC.68.
Last modified: May 28, 2006