§ 105-340. Certification of appraised valuations of railroad companies. - North Carolina Statutes

§105‑340.  Certification of appraised valuations of railroad companies.

(a)        Having determinedthe appraised valuation of the "nondistributable" system property ofa railroad company, the Department of Revenue shall assign the valuations fortaxation to the local taxing units in which such property is situated in thesame manner as is provided for nonsystem property in G.S. 105‑339.

(b)        Having determinedthe appraised valuation of the "distributable" system property of arailroad company and having allocated the valuations in accordance with G.S.105‑338(b)(1), the Department of Revenue shall then certify the amountsof those allocations to the local taxing units to which such amounts are due inaccordance with the provisions of G.S. 105‑341.

(c)        Each local taxingunit receiving certified valuations in accordance with this section shallassess them at the figures certified and shall tax the assessed valuations atthe rate of tax levied against other property subject to taxation therein. (1939,c. 310, s. 1620; 1971, c. 806, s. 1; 1973, c. 476, s. 193; c. 695, s. 19.)