upr000155 3

event include: The property of all interstate or Intercounty railroad, sleeping car, private car, street railway, traction, telegraph, water, telephone, motor bus, motor truck, air transport, electric light and power companies, together with their franchises, and the property and franchises of all express companies operating on any common or contract carrier in this state, and which foregoing shall be assessed as fol­lows: Said commission shall establish and fix the valuation of the franchise, if any, and all physical property used directly in the operation of any such business of any such company in this state, as a col­lective unit; and if operating in more than one county, on establishing such unit valuation for the collective property, said commission shall then proceed to deter­mine the total aggregate mileage operated within the state and within the several counties thereof, and apportion the same upon a mile-unit valuation basis, and the number of miles so apportioned to any county shall be subject to assessment in that county according to the mile-unit valuation so established by said com­mission; provided, said commission shall prepare and adopt formulas, and cause the same to be incorporated in its records, providing the method or methods pur­sued in fixing and establishing the full cash value of all franchises and property assessed by it. Such formulas shall be adopted, and may be changed from time to time upon its own motion or when made necessary by judicial decisions, but such formulas shall in any event show all the elements of value considered by the commission in arriving at and fixing said value for any class of property assessed b y it. The word * company* shall be construed to mean and Include any person or persons, company, corporation, or asso­ciation engaged in the business deseribed. In case of the omission by said commission to establish a valu­ation for assessment purposes upon the property mentioned in this section, it shall be the duty of the assessors of any counties ifcereln such property is situated to assess the same. All other property shall be assessed by the county assessors, except that the valuation of land, livestock, and motor vehioles shall be established for assessment purposes by the commis­sion as provided in section 7 of this act. On or before the first Monday in December it shall be the duty of the said commission to transmit to the several assessors the assessed valuation found by it on such classes of property as are enumerated in this section, together with the apportionment of each county of such assessment. The several county assessors shall enter on the roll all such assessment transmitted to them by the Nevada tax commission,"