§ 8-108. Valuation, allocation, assessment, and apportionment of railroad operating property

   (a) Valuation. -- The Department shall annually value the operating unit of a railroad on the basis of the value of the operating property of the railroad, by considering:

   (1) the earning capacity of the operating unit; and

   (2) all other factors relevant to a determination of the value of the operating unit.

(b) Allocation of property to this State. -- The Department shall allocate to this State the value of that part of the operating unit that is reasonably attributable to the part located in this State.

(c) Assessment of operating property. --

   (1) The value allocated to this State shall be divided into an operating real property value and an operating personal property value, as determined by the Department.

   (2) The assessment of operating real property is the value of operating real property less the assessment of operating real property, if any, that is exempt by law from property tax.

   (3) The assessment of operating personal property is the value of operating personal property, less the assessment of operating personal property, if any, that is exempt by law from property tax.

   (4) Operating land of a railroad is valued and assessed by the Department as part of the operating unit and is not valued and assessed by the supervisor.

   (5) Returns, notices, and appeals of operating property assessments shall be administered pursuant to the sections of this article governing personal property assessment.

(d) Apportionment of value to counties and municipal corporations. --

   (1) If operating property is located permanently in more than 1 county or municipal corporation, the Department shall apportion the assessment of that operating property among the counties and municipal corporations where the operating property is located.

   (2) If operating property is not located permanently in a county or a municipal corporation, the Department shall apportion the assessment of that operating property among the counties and municipal corporations on the basis of the ratio of the all track mileage, excluding trackage rights, of the railroad operated in each county and any municipal corporation, to the total of all track mileage, excluding trackage rights, operated in this State.

(e) Regulations. -- The Department may adopt regulations to carry out the provisions of this section.

HISTORY: 1985, ch. 8, § 2; 1987, ch. 434, § 1; 1989, ch. 5, § 1; 1993, ch. 142; 2000, ch. 80, § 1.