(1) The Department of Revenue shall determine the assessed value of the personal property of each small private railcar company by multiplying the real market value of the company’s personal property by the average ratio of assessed value to real market value of all property of large private railcar companies.

(2) The department shall determine the tax to be imposed on small private railcar companies as follows:

(a) Taxes to be credited to the county school funds shall be calculated by applying to the assessed value of the property the average school tax rate in the state for the immediately prior tax year, applying to the assessed values of large private railcar companies as determined by the department for the year.

(b) Taxes to be credited to the county general funds shall be calculated by applying to the assessed value thereof the average nonschool tax rate in the state for the immediately prior tax year, applying to the assessed values of large private railcar companies as determined by the department for the year.

(c) The taxes determined under this subsection may not be imposed in an amount that exceeds the limits established in ORS § 310.150 for any year.

(3) The department may charge, levy and collect the tax so determined on the personal property of any small private railcar company having a taxable situs in this state. Each tax so charged and levied constitutes a lien as of July 1 of the tax year on all the personal property of the company within this state and shall be payable in the same manner, at the same due dates and with the same rates of discount or interest provided by law in respect to taxes on personal property payable in the several counties. In collecting such taxes, the Department of Revenue may pursue any or all of the rights, remedies or processes provided by law for the collection of delinquent taxes on personal property and, in connection therewith, the department shall have, in any county, the power and authority of the sheriff and tax collector thereof.

(4) Moneys collected by the department under this section shall be apportioned to each county in the proportion that the portion of the assessed value of cars of large private railcar companies that is attributable to the county bears to the total assessed value of cars of large private railcar companies. Moneys so distributed to each county treasurer shall be credited to the county school fund and general fund of the county as directed by the department.

(5) Real property of large private railcar companies and small private railcar companies shall be apportioned to the several counties according to the location of the real property. [Amended by 1955 c.208 § 1; 1959 c.109 § 3; 1963 c.238 § 1; 1969 c.102 § 1; 1977 c.884 § 9; 1991 c.459 § 156; 1997 c.154 § 2; 1999 c.223 § 4; 2009 c.128 § 13]