Indiana Code 6-1.1-8-12. Railcar companies
(b) The department of local government finance shall assess a railcar company’s indefinite-situs distributable property on the basis of the average number of cars owned or used by the company within this state during the twelve (12) months of the calendar year preceding the year of assessment. The average number of cars within this state equals the product of:
Terms Used In Indiana Code 6-1.1-8-12
- property: includes both tangible and intangible property. See Indiana Code 6-1.1-8-2
- railcar company: means a company (other than a railroad company) which owns or operates cars for the transportation of property on railroads. See Indiana Code 6-1.1-8-2
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) a fraction, the numerator of which is “N”, and the denominator of which is the number two (2).
“M” equals the mileage traveled by the railcar company’s cars in this state divided by the mileage traveled by the company’s cars both within and outside this state. “E” equals the earnings generated by the company’s cars in this state divided by the earnings generated by the company’s cars both within and outside this state. “N” equals the total number of cars owned or used by the company both within and outside this state.
[Pre-1975 Property Tax Recodification Citation: 6-1-44-11(3).]
Formerly: Acts 1975, P.L.47, SEC.1. As amended by Acts 1977, P.L.2, SEC.13; P.L.78-1987, SEC.1; P.L.90-2002, SEC.63; P.L.182-2009(ss), SEC.98; P.L.38-2021, SEC.10.