(35 ILCS 200/11-110)
Sec. 11-110.
Certification of railroad assessments.
The equalized assessed
value of the operating property of every railroad company subject to
assessment, when determined as prescribed in Section 11-80, shall be listed and
taxed in the several taxing districts in the proportion that the length of all
the track owned or used in such taxing district bears to the whole length of
all the track owned or used in this state, except the value of all buildings of
an original cost exceeding $1,000, which are considered to have a situs in the
taxing district in which they are located. Where any railroad company operates
in this State, in whole or in part over the tracks of another company, under
any trackage right agreement, the value of the trackage rights, including the
other taxable operating property (except buildings of an original cost
exceeding $1,000) used or connected therewith, shall be taxed in each taxing
district in the proportion that the length of all the track so used under the
agreement, in the taxing district bears to the whole length of all the track so
used in this state. Where a railroad company holds taxable operating property
in a taxing district, and owns or uses no tracks, or trackage rights in that
district, the property shall be taxed in the taxing district.
The Department shall distribute the equalized assessed value of the taxable
property of every railroad company (other than non-carrier real estate), when
determined as prescribed in Section 11-80, to the respective taxing districts
entitled to it and shall certify the same to the county clerks of the
respective counties, who shall extend taxes against those values the same as
against other property in the taxing districts.
(Source: P.A. 81-1stSS-1; 88-455.)
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