KRS 136.160 — Valuation of property -- Determination

(1) The Department of Revenue shall determine the fair cash value of the operating
property of a domestic public service corporation as a unit. The fair cash value of
the operating property shall be equalized.
(2) The Department of Revenue shall determine the fair cash value of the operating
property of a foreign public service corporation or a domestic public service
corporation with property or routes in Kentucky and outside Kentucky as a unit
according to subsection (1). The fair cash value of the operating property
everywhere valued as a unit shall be apportioned to Kentucky based on the average
of the property factor and the business factor. The fair cash value of the operating
property in Kentucky shall be equalized.
(a) The property factor shall fairly re flect the amount of operating property
operated, owned, or leased in Kentucky compared to the total amount of
operating property operated, owned, or leased everywhere. An allocable
portion of the rolling stock, aircraft, and watercraft of a common carrier shall
be included in the operating property, operated, owned, or leased in Kentucky.
This factor may be a single factor or an average of several factors.
(b) The business factor shall fairly reflect the utilization of the operating property
operated, owned , or leased in Kentucky compared to the utilization of the
operating property operated, owned, or leased everywhere. This factor may be
a single factor or an average of several factors.
(3) The nonoperating tangible and nonoperating intangible property of public service
corporations whose operating property is valued according to either subsection (1)
or (2) shall be valued by the Department of Revenue in the same manner and
according to the same standards as if this property were valued by the property
valuation administrator in the county where the property has a taxable situs.