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Kentucky Revised Statutes Title XI. Revenue and Taxation § 136.160.Valuation of property; determination

Current as of January 01, 2024 | Updated by FindLaw Staff

(1) 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.

(2) 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.

(3) 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.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XI. Revenue and Taxation § 136.160.Valuation of property; determination - last updated January 01, 2024 | https://codes.findlaw.com/ky/title-xi-revenue-and-taxation/ky-rev-st-sect-136-160/

Read this complete Kentucky Revised Statutes Title XI. Revenue and Taxation § 136.160.Valuation of property; determination on Westlaw

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