Tax Type
Property Tax
Description
Assessment of Public Utility Property
Topic
Property Subject to Tax
Date Issued
04-03-1967
The portion of public utility tangible personal property which is to be taxed on its assessed value, certified by the State Corporation Commission, at local real estate tax rates is determined as follows: (1) the real estate tax rate will be applied to the amount of the difference between the assessed value of the property classified as tangible personal property (except automobiles and trucks) by the local authority, and the January 1, 1966 assessed value of such property; and (2) in addition, 5% of the assessed value of such property as of January 1, 1966, will be taxed at the local real estate tax rate for 1967 and an additional 5% of the assessed value as of January 1, 1966 will be so taxed each year until 100% of such assessed value of the property will be subject to taxation at the local real estate tax rate.
If the total assessed value of property classified by the locality as tangible personal property falls below the assessed value of such property as of January 1, 1966, the 5% annual amount to be taxed at the local real estate rate will be computed on the lower assessed value.
Attorney General's Opinion