As used in this article, the words shall have the following meanings: “Aircraft” means any contrivance, fully equipped for flight, used or designed for navigation or flight through the air. “Airline company” means any person who undertakes, directly or indirectly, to engage in the scheduled transportation by aircraft of persons or property for hire in […]
The department shall annually assess, adjust, equalize and apportion the valuation of all aircraft of each airline company of a type or model operated in this state by such airline company by such type or model. Such aircraft shall be valued by the department in the same manner as other personal property in the state […]
The valuation of such aircraft apportioned to this state shall be determined by the commission to be the proportion of the total valuation of such aircraft determined on the basis of the arithmetical average of the following two ratios: The ratio which the total time scheduled on the ground within this state of such aircraft […]
The aggregate value of the aircraft of an airline company determined under the provisions of Section 27-35-705 is further apportioned to the local taxing entity or entities in which such aircraft operated during the preceding calendar year. This apportionment shall be made on the ratio which the number of operations of such aircraft in the […]
The local taxing entity or entities to which the value of aircraft is apportioned under the provisions of Section 27-35-707 shall levy and collect a tax upon such apportioned valuation as it would upon any other taxable property subject to taxation by that entity or entities.
The ad valorem taxation authorized by this article shall be in lieu of all other ad valorem taxes upon the aircraft of airline companies.
