Kansas Statutes 79-5a03. Same; contract by director for appraisal of property; annual determination of fair market value; records; investigations; unlawful acts
The director of property valuation shall contract with a qualified appraiser or appraisal company or companies to appraise the property of public utilities as defined in this act for the purpose of taxation for the year 1970. The contract for said appraisal shall include the training of property valuation utility appraisal personnel.
The director of property valuation shall annually determine the fair market value of the property of all public utilities and shall keep a complete record of how such valuations were determined. The director is authorized to make any investigations and findings to properly arrive at the fair market value of the property of each of the public utilities to be appraised. Any public utility or representative shall upon request of the director furnish any records or files of said utility material to such investigation. Any utility or representative who shall furnish false information shall be guilty of perjury.
Terms Used In Kansas Statutes 79-5a03
- Appraisal: A determination of property value.
- Contract: A legal written agreement that becomes binding when signed.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Property: includes personal and real property. See Kansas Statutes 77-201
- public utilities: means every individual, company, corporation, association of persons, brokers, marketers, lessees or receivers that now or hereafter own, broker or market natural gas inventories stored for resale in an underground formation in this state, or now or hereafter are in control, manage or operate a business of:
(1) A railroad or railroad corporation if such railroad or railroad corporation owns or holds, by deed or other instrument, an interest in right-of-way, track, franchise, roadbed or trackage in this state;
(2) transmitting to, from, through or in this state telegraphic messages;
(3) transmitting to, from, through or in this state telephonic messages;
(4) transporting or distributing to, from, through or in this state natural gas, oil or other commodities in pipes or pipelines, or engaging primarily in the business of storing natural gas in an underground formation;
(5) generating, conducting or distributing to, from, through or in this state electric power;
(6) transmitting to, from, through or in this state water if for profit or subject to regulation of the state corporation commission; and
(7) transporting to, from, through or in this state cargo or passengers by means of any vessel or boat used in navigating any of the navigable watercourses within or bordering upon this state. See Kansas Statutes 79-5a01