SECTION 255:10-3-1. Valuation of railroad and public service corporation property

(a)   Duties. Pursuant to Title 68, Section 2455, the Board, with the assistance of the Oklahoma Tax Commission, shall do all things necessary to enable it to assess and value all taxable property of the railroad and public service corporations, to discover omitted property, and determine the taxable status of any property which is claimed to be exempt from ad valorem taxation for any reason.

(b)   Railroad and public service corporation values laid before Board. After the returns of railroads and public service corporations have been made to the Oklahoma Tax Commission, such returns, together with the findings and recommendations of the Commission thereon, shall be laid before the State Board of Equalization, and said Board shall have the authority and duty to raise or lower the returned value of any property to conform to not exceed thirty five (35%) of the fair cash value thereof, estimated at the price it would bring at a fair, voluntary sale.

(c)   Late filing dates and penalties.

(1)   Pursuant to Title 68, Section 2453, should any railroad or public service corporation doing business in this State fail or refuse to make the designated statements or schedules within the time and manner required, it shall be the duty of the Board to ascertain, from the best information obtainable, the value of the property of such company, and, as a mandatory penalty, shall add amounts as follows:

(A)   If listed or assessed after March 15th, but on or before April 15th, ten percent (10%) of the assessed value;

(B)   If listed after April 15th, twenty percent (20%) of the assessed value.

(2)   Upon written request, and for good cause, the Oklahoma Tax Commission may grant an extension without penalty, not to exceed fifteen (15) days, for the filing of returns.