In the assessment of the property of any company conducting transportation or operating over rail lines, except any private railcar company with personal property that does not exceed $1 million in real market value, the Department of Revenue shall determine the value of each branch line of the company situated within this state and the mileage of such branch line, including miles of main tracks, spurs, yard and sidetracks, and shall determine the values per mile of such branch line by dividing its value by the mileage thereof. The department shall deduct the total amount so determined as the value of branch lines from the total value of the property of the company, assessable under ORS 308.505 to 308.665, and shall determine the values per mile of the main line of such company by dividing the remainder by the number of miles of the main line, taking into consideration miles of main tracks, spurs, yard and sidetracks. Each mile of spurs, yard and sidetracks shall be valued at not to exceed 50 percent of the value per mile assigned to the main track of the branch or main line with which they are connected. [Amended by 1969 c.102 §2; 1991 c.459 §151; 1997 c.154 §41; 1999 c.223 §3]
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