HARRY HUGHES, Governor                                       225

EXCEPT AS PROVIDED UNDER § 8-109 OF THIS SUBTITLE, THE VALUE
OF PERSONAL PROPERTY SHALL BE ITS VALUE ON THE DATE OF FINALITY.

(B) ADJUSTED VALUE OF CERTAIN PROPERTY.

IN VALUING ANY PERSONAL PROPERTY ACQUIRED BY PURCHASE, LEASE
PURCHASE, OR OTHER SIMILAR AGREEMENT FOR TRANSFER OF TITLE TO THE
PERSONAL PROPERTY AFTER A PERIOD OF ITS USE, THE DEPARTMENT OR
SUPERVISOR SHALL CONSIDER ANY SUM THAT IS PAID TO ACQUIRE THE
PERSONAL PROPERTY.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first and third
sentences of former Art. 81, § 14(b)(3).

In subsection (a) of this section, the reference to
the exception "under § 8-109 of this subtitle" is
added for clarity.

Also in subsection (a) of this section, the former
phrase "directed in this article to be assessed shall
be assessed" is deleted as superfluous.

In subsection (b) of this section, the phrase
"Department or supervisor" is substituted for the
former words "assessing authority", for clarity.

The second sentence of former Art. 81, § 14(b)(3),
which did not permit a reduction in value for
inflation, is deleted as superfluous.

Defined terms: "Date of finality" § 1-101
"Department" § 1-101 "Value" § 1-101

8-107. VALUATION, ALLOCATION, ASSESSMENT, AND APPORTIONMENT OF
RAILROAD OPERATING PROPERTY.

(A)  VALUATION.

THE DEPARTMENT SHALL VALUE THE OPERATING UNIT OF A RAILROAD
ON THE BASIS OF THE VALUE OF THE OPERATING PROPERTY OF THE
RAILROAD, BY CONSIDERING:

(1)  THE EARNING CAPACITY OF THE OPERATING UNIT; AND

(2)  ALL OTHER FACTORS RELEVANT TO A DETERMINATION OF
THE VALUE OF THE OPERATING UNIT.

(B)  ALLOCATION OF PROPERTY TO THIS STATE.

THE DEPARTMENT SHALL ALLOCATE TO THIS STATE THE VALUE OF
THAT PART OF THE OPERATING UNIT THAT IS REASONABLY ATTRIBUTABLE
TO THE PART LOCATED IN THIS STATE.