The department shall annually assess, adjust, equalize, and apportion the valuation of all private cars of each private car company of a type or model operated in this State by such private car company by such type or model. Such private cars shall be valued by the department at fair market value.
HISTORY: 1962 Code Section 65-1710; 1976 Act No. 709, Part II, Section 10; 1982 Act No. 433, Section 3.