Oklahoma § 68-2847 - Property of railroads, air carriers and public service

§ 68-2847. Property of railroads, air carriers and public service

corporations - Valuation and assessment.

A. The property of all railroads, air carriers and public

service corporations shall be assessed annually by the State Board

of Equalization at its fair cash value estimated at the price it

would bring at a fair voluntary sale.

B. Taxable values of real and personal property of all

railroads, air carriers and public service corporations shall be

established in accordance with the requirements of Section 8 of

Article X of the Oklahoma Constitution. The State Board of

Equalization shall determine the taxable value of all taxable

property that the Board is required by law to assess and value, and

shall determine such taxable value in accordance with the

requirements of Section 8 of Article X of the Oklahoma Constitution.

Oklahoma Statutes - Title 68. Revenue and Taxation

C. The State Board of Equalization shall assess the property of

that subclass of public service corporations known as video services

providers, as defined in Section 2808 of this title, as provided:

1. Every video services provider shall file with the State

Board of Equalization a certification regarding total gross receipts

for the immediate preceding calendar year by April 15 and shall

specify the total gross receipts derived from video programming

services;

2. The State Board of Equalization shall determine the

percentage of gross receipts the video services provider has derived

from video programming in the immediately preceding calendar year;

and

3. The percentage determined pursuant to paragraph 2 of this

subsection shall be applied to the taxable fair cash value allocated

to Oklahoma, and the resulting fair cash value attributable to video

programming services shall be assessed using the statewide average

of the assessment ratios applied to the assets of cable television

companies in that tax year. Unless the taxpayer or the State Board

of Equalization demonstrates otherwise, the statewide average

assessment ratio applied to the personal property of a cable

television company shall be assumed to be twelve percent (12%).

D. The percentage of fair cash value for real and personal

property of railroads, air carriers and public service corporations

required by the Oklahoma Constitution to be taxable shall be the

percentage at which it was assessed on January 1, 1996, in

accordance with the provisions of paragraph 3 of subsection A of

Section 8 of Article X of the Oklahoma Constitution, and, subject to

the requirements of federal law, shall be uniformly applied to

calculate the taxable values of public service corporation property

within the state for the applicable assessment year.

Added by Laws 1988, c. 162, § 47, eff. Jan. 1, 1992. Amended by

Laws 1995, c. 57, § 7, eff. July 1, 1995; Laws 1997, c. 304, § 6,

emerg. eff. May 29, 1997; Laws 2009, c. 119, § 2, eff. Jan. 1, 2010.