§ 39-3-129 — Proportional valuation - exempt property

(1) Except as
otherwise provided in subsection (2) of this section, whenever any real property that
was previously taxable becomes legally exempt from the levy and collection of
property tax or any real property that was previously legally exempt from the levy
and collection of property tax becomes taxable, the valuation for assessment of the
real property shall be a proportion of the valuation for assessment of the real
property for the entire taxable year based upon the ratio of the portion of the
taxable year in which the property is taxable to the entire taxable year. In the event
the real property is partially leased, loaned, or otherwise made available to and
used by a business conducted for profit, the determination as to what portion of the
real property is so utilized shall be made by the administrator on the basis of the
facts existing on the annual assessment date for the real property. The
administrator shall have the authority to determine the actual value of the
nonexempt portion of the property in relation to the actual value of the entire
property by using the ratio of the square foot area of the property utilized by the
business conducted for profit to the total square foot area of the property. Where
shown to be more appropriate, in order to determine the relationship between the
actual value of the nonexempt portion of the property and the actual value of the
total property, the administrator may employ the ratio of the portion as measured in
hours of any calendar year in which the property is leased, loaned, or otherwise
made available to and used by any business conducted for profit to the entire
calendar year.

(2) The provisions of subsection (1) of this section shall not be applicable to
household furnishings.

Legislative History

Source: L. 89: Entire article R&RE, p. 1478, � 1, effective April 23. L. 96: (1) amended, p. 44, � 2, effective March 20; (1) amended, p. 1200, � 4, effective June 1.