350 Neb. Admin. Code, ch. 30, § 002

Current through September 17, 2024

Section 350-30-002 - DEFINITIONS

002.01 Air carrier

Air carrier shall mean any person, firm, partnership, corporation, association, trustee, receiver, or assignee, and all other persons whether or not in a representative capacity, undertaking to engage in the transportation of persons or cargo for hire by aircraft.

002.02 Allocation is the process of assigning a portion of a company's unit value to the state.

002.03 Car line company

Car line company shall mean any person other than a railroad company, owning or operating any railroad cars of any description through, in, or into the state of Nebraska.

002.04 Centrally assessed property

Centrally assessed property shall mean owned or leased operating property of railroad companies, public service entities, car line companies, and air carrier flight equipment valued by the state.

002.05 Distribution of value is the process of assigning a portion of the company's allocated taxable value to the taxing subdivisions of the state.

002.06 Franchise value is the value that attaches to a group of tangible taxable assets operating as a unit or a whole.

002.07 Locally assessed property

Locally assessed property shall mean property valued by the assessor. Locally assessed property shall include nonoperating property, owned or leased by a centrally assessed company, that does not contribute to a company's primary function.

002.08 Person shall be defined to include bodies politic and corporate, societies, communities, individuals, partnerships, joint stock companies, and associations.

002.09 Public service entity

Public service entity shall mean any person or company organized for profit under the laws of this state or any other state or government and engaged in the business of waterworks, electrical power, gasworks, natural gas, telecommunications, pipelines used for the transmission of oil, heat, steam, or any substance to be used for lighting, heating, or power, and pipelines used for the transmission of articles of pneumatic or other power, and all other similar or like entities.

002.10 Railroad company

Railroad company shall mean any person, association, company, or corporation owning, controlling, or operating a railroad in this state, or owning, controlling, or operating any station, depot, track, terminal, or bridge in this state for railroad purposes as owner, lessee, or otherwise.

002.11 Taxable value

Taxable value shall mean actual value of real property and franchise where applicable, and net book value of tangible personal property.

002.12 Taxing subdivision refers to the governmental entity empowered to levy a property tax.

002.13 Unit value

Unit value shall mean the valuation of the operating company as an integrated group of assets functioning as an economic unit without reference to the independent value of the component parts.

002.14 Operating property

Operating property shall mean property that is owned or leased and contributes to the operation or purpose of a centrally assessed company, entity, or carrier.

002.15 Nonoperating property

Nonoperating property shall mean property that is owned or leased and does not contribute to the operations or primary purpose of a centrally assessed company, entity or carrier.

002.16 Telecommunications

Telecommunications means the transmission, between or among points specified by the subscriber, of information of the subscriber's choosing, without a change in the form or content of the information as sent or received.

002.17 Telecommunications company

Telecommunications company means any person, firm, partnership, limited liability company, corporation, association, or governmental entity offering telecommunications service.

002.18 Telecommunications service

Telecommunications service means the offering of telecommunications for a fee.

002.19 Net book value shall be the Nebraska adjusted basis of tangible personal property multiplied by the appropriate Nebraska depreciation factor. Net book value as a percentage of Nebraska adjusted basis is premised upon the one-hundred-fifty (150) percent declining balance method, switching to straight line, with a one-half-year convention.

350 Neb. Admin. Code, ch. 30, § 002