§ 105-335. Appraisal of property of public service companies. - North Carolina Statutes

§105‑335.  Appraisal of property of public service companies.

(a)        Duty to Appraise. –In accordance with the provisions of subsection (b), below, the Department ofRevenue shall appraise for taxation the true value of each public servicecompany (other than bus line, motor freight carrier, and airline companies) asa system (both inside and outside this State). Certain specified properties ofbus line, motor freight carrier, and airline companies shall be appraised bythe Department in accordance with the provisions of subsection (c), below, andall other properties of such companies shall be listed, appraised, and assessedin the manner prescribed by this Subchapter for the properties of taxpayersother than public service companies.

(b)        Property of PublicService Companies Other Than Those Noted in Subsection (c). –

(1)        System Property. –Each year, as of January 1, the Department of Revenue shall appraise at itstrue value (as defined in G.S. 105‑283) the system property used by eachpublic service company both inside and outside this State. Property leased by apublic service company shall be included in appraising the value of its systemproperty if necessary to ascertain the true value of the company's systemproperty.

(2)        Nonsystem PersonalProperty. – Each year as of January 1, the Department shall appraise at itstrue value (as defined in G.S. 105‑283) each public service company'snonsystem tangible personal property subject to taxation in this State.

(3)        Nonsystem RealProperty. – In accordance with the county in which the public service company'snonsystem real property is located and the schedules set out in G.S. 105‑286and 105‑287, the Department of Revenue shall appraise at its true value(as defined in G.S. 105‑283) each public service company's nonsystem realproperty subject to taxation in this State.

(c)        Property of BusLine, Motor Freight Carrier, and Airline Companies. –

(1)        Bus Company RollingStock. – Each year as of January 1, the Department shall appraise at its truevalue (as defined in G.S. 105‑283) the rolling stock owned or leased byor operated under the control of each bus line company, which bus line companyis domiciled in this State or which is regularly engaged in business in thisState.

(2)        Motor FreightCarrier Company Rolling Stock. – Each year as of January 1, the Departmentshall appraise at its true value (as defined in G.S. 105‑283) the rollingstock owned by a motor freight carrier company or leased by a motor freightcarrier company and operated by its employees which motor freight carriercompany is domiciled in this State or is regularly engaged in business in thisState at a terminal owned or leased by the carrier.

(3)        Flight Equipment. –Each year, as of January 1, the Department shall appraise at its true value (asdefined in G.S. 105‑283) the flight equipment owned or leased by oroperated under the control of each airline company that is domiciled in theState or that is regularly engaged in business at some airport in this State. (1939,c. 310, s. 1608; 1971, c. 806, s. 1; 1973, c. 476, s. 193; c. 783, s. 6; c.1180.)