Ill. Admin. Code tit. 86, § 110.101 - Railroads
a) All companies,
corporations or associations owning, operating or constructing a railroad, a
suburban or interurban railroad, a switching or terminal railroad, a railroad
station or a railroad bridge in this State shall make a return of property on
Form Nos. PTAX-501 through PTAX-513 and PTAX-531 through PTAX-537. Operating
companies shall return all railroad property which they use exclusively whether
owned by subsidiaries, leased lines or others, and they shall also list jointly
used and owned property in which they have preponderant interest. Joint
facilities in which interests are equal shall be listed by only one of the
using companies. Companies which do not engage in railroad operations, but
merely hold title to railroad property, shall return all such property used
jointly by others. Owning companies shall make sure that users list all
property as required by this Regulation.
b) Companies, corporations or associations
with Class II through Class IV railroad operations shall return the results of
railroad operations, detailed information for joint facilities and depreciation
expenses, road and equipment property and railroad operating statistics on Form
Nos. PTAX-520-A through PTAX-523. Information collected on the forms shall be
similar to that collected on portions of returns made for Class I railroad
operations on the federal R-1 annual report to the Interstate Commerce
Commission or its successor agency. Class I through Class IV railroads shall be
those classes as defined by the Interstate Commerce Commission or its successor
agency.
c) Legal Description. All
railroad companies shall file periodically with the Department and with county
clerks the location and legal description of their right of way, track,
improvements, trackage rights, operating property off the right of way and
non-carrier real estate in Illinois on Schedules R-1 to R-7b inclusive. Except
as otherwise may be ordered by the Department, this requirement shall be
fulfilled by the annual substitution of revised and corrected sheets for those
pages made obsolete by changes in the right of way.
d) Form Nos. PTAX-501 through PTAX-513,
PTAX-520-A through PTAX-523 and PTAX-531 through PTAX-537 and Schedules R-1 to
R-7b shall be filed annually with the Department at its Springfield office
between the 1st day of April and the 1st day of June. If a railroad company
fails to timely file documents required under this Section the Department shall
assess the property of the railroad company according to the Department's best
information and judgment at 33 1/3 percent of the property's fair cash value
and may add to that valuation an amount equal to 50 percent of its valuation in
accordance with Section 11-115 of the Property Tax Code [35 ILCS
200/11-115 ].
Notes
Amended at 20 Ill. Reg. 13611, effective October 3, 1996
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