Download as PDF
136.160 Valuation of property -- Determination.
(1)
(2)
(3)
The Department of Revenue shall determine the fair cash value of the
operating property of a domestic public service corporation as a unit. The fair
cash value of the operating property shall be equalized.
The Department of Revenue shall determine the fair cash value of the
operating property of a foreign public service corporation or a domestic public
service corporation with property or routes in Kentucky and outside Kentucky
as a unit according to subsection (1). The fair cash value of the operating
property everywhere valued as a unit shall be apportioned to Kentucky based
on the average of the property factor and the business factor. The fair cash
value of the operating property in Kentucky shall be equalized.
(a) The property factor shall fairly reflect the amount of operating property
operated, owned, or leased in Kentucky compared to the total amount of
operating property operated, owned, or leased everywhere. An allocable
portion of the rolling stock, aircraft, and watercraft of a common carrier
shall be included in the operating property, operated, owned, or leased in
Kentucky. This factor may be a single factor or an average of several
factors.
(b) The business factor shall fairly reflect the utilization of the operating
property operated, owned, or leased in Kentucky compared to the
utilization of the operating property operated, owned, or leased
everywhere. This factor may be a single factor or an average of several
factors.
The nonoperating tangible and nonoperating intangible property of public
service corporations whose operating property is valued according to either
subsection (1) or (2) shall be valued by the Department of Revenue in the
same manner and according to the same standards as if this property were
valued by the property valuation administrator in the county where the property
has a taxable situs.
Effective:June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 306, effective June 20, 2005. -Amended 1962 Ky. Acts ch. 29, sec. 7. -- Amended 1960 Ky. Acts ch. 186, Art.
II, sec. 5. -- Amended 1954 Ky. Acts ch. 149, sec. 2. -- Amended 1942 Ky. Acts
ch. 164, secs. 1 and 2. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective
October 1, 1942, from Ky. Stat. secs. 4079, 4080, 4081.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.