42-14253. Annual report for purposes of
determining valuation; failure to file; penalty; forfeiture of
appeal rights
A. On or before April 1 of each year each company that operates in air commerce in
this state shall file a report with the department under oath stating specifically the
information prescribed by the department to allow it to determine the valuation required
by this article. The department shall consider the information in the report in
determining the valuation under this article, but that information is not conclusive.
B. On written request and for good cause shown, the director may extend the time
for filing the report required by this section.
C. If a company that operates in air commerce fails to file the report on or before
April 1 of the valuation year, or the extended due date if an extension is granted, the
department shall:
1. Estimate the value of the property based on one hundred five per cent of the
preceding year's full cash value or on any information that is available to the
department.
2. Also assess a penalty in the amount of the lesser of:
(a) One-half of one per cent of the value that is estimated by the department.
(b) One hundred dollars per day for each day the company fails to file the report
beyond the due date.
D. If the report is not filed by May 20 of the valuation year, the company forfeits
its right to appeal the valuation and classification pursuant to section 42-14005.
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