Pennsylvania Rd. v. Porterfield

This is the third time we have considered this case, which involves the valuation of the Pennsylvania Bailroad Company, for the purpose of its 1966 public utility property tax. R. C. 5727.01 et seq. Initially, the Tax Commissioner determined the 1966 value of the railroad’s property using a formula which began *224with the 1965 tax valuation and ended with a valuation based on adjustments reflecting the cost of certain activities, such as acquisition of new property and disposal of old property, occurring during the ensuing year. That valuation was affirmed by the Board of Tax Appeals.

In…