§ 8322. Subsequent appraisals

(a) When, subsequent to the date whereon such appraisals are required to be made, trains, other than construction trains, commence running on a railroad located in whole or in part within this State or on any extension or branch of a railroad theretofore appraised, on or before December 31 in the year in which such trains so commence running, the Commissioner shall appraise such railroad, extension or branch in the manner hereinbefore provided for appraising such property.

(b) When, subsequent to the time thereof appraisals are required to be made in an even year, a person or corporation operating a railroad constructs, acquires or begins to use one or more electric power plants subject to the appraisal under the provisions of Article 4 of this subchapter, the Commissioner shall, on or before December 31 in the year in which such plant was constructed, acquired, or first used in whole or in part for railroad purposes, appraise such plants in the manner hereinbefore provided for appraising such property.

(c) If during the period between the appraisals extensive repairs, improvements, or additions through acquisition or new construction have been made to the property of a railroad operating in this State or if during such period there has been a large depreciation in the value of the property of such a railroad by reason of fire, flood, or other accident or disaster or by reason of abandonment of lines or tracks, on or before December 31 in any odd year, the Commissioner may increase or decrease the amount of the last appraisal as he or she deems just. Notice of such action of the Commissioner shall be given and a party aggrieved thereby may appeal in the manner provided in respect to the regular biennial appraisals and the taxes payable on or before October 15 next following and thereafter, until a new appraisal becomes effective, shall be based on such increased or decreased appraisal. (Amended 1997, No. 156 (Adj. Sess.), § 13, eff. April 29, 1998.)