Bus companies
Sec. 7. (a) The fixed property of a bus company consists of real
property and tangible personal property which is located within or on
the real property.
(b) A bus company's property which is not described in subsection
(a) is indefinite-situs distributable property. This property includes,
but is not limited to, buses and other mobile equipment. The
department of local government finance shall apportion and
distribute the assessed valuation of this property among the taxing
districts in or through which the 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 bus company's indefinite-situs distributable
property, multiplied by (2) a fraction, the numerator of which is the
company's average daily regularly scheduled passenger vehicle route
miles in the taxing district, and the denominator of which is the
company's average daily regularly scheduled passenger vehicle route
miles in this state.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.90-2002,
SEC.59.
Last modified: May 28, 2006