50 IAC 5.1-7-2 Book cost determinative

Sec. 2. (a) The cost of nondepreciable property, both real and personal, as recorded on the public utility company's books and records, must be utilized in determining the value of the nondepreciable property subject to assessment. (b) A public utility company is subject to assessment for property owned or used by it. Contributions in aid of construction are used by the public utility company to deliver its service. Therefore, contributions in aid of construction are subject to assessment. The public utility company may not reduce the cost of property shown on its books and records by the amount of contributions in aid of construction or customer advances.