§ 8211. Rate of tax and time of payment (a) For each taxable year, there is assessed upon the appraised value of the property and corporate franchise of each person or corporation owning or operating a railroad located in whole or in part within this State a tax at the rate of one percent. The appraised value shall be obtained and established as provided under this subchapter. One-half of the tax imposed by this section, covering the six months ending with June 30 in each year, shall be paid to the Commissioner on or before the following October 15 by the person or corporation then owning or operating the railroad. The remaining one-half of the tax covering the six months ending with December 31 in each year shall be paid to the Commissioner on or before the following April 15 by the person or corporation then owning or operating the railroad. (b) Not later than May 15 in each year, the State shall pay to each town wherein railroad real estate is located 50 percent of that portion of the tax revenue that has been collected upon the property of the railroad in that town for the immediately preceding taxable year. Delinquent taxes, when collected, shall be treated in the same fashion.
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