(a) For each taxable year, there is hereby assessed upon the property and corporate franchise of each person or corporation owning or operating a railroad located in whole or in part within this State a tax at the rate of one percent of the appraised value thereof, obtained and established as hereinafter provided. One-half of the tax imposed by this section, covering the six months ending with June 30 in each year, shall be paid to the Commissioner on or before October 15 following, by the person or corporation then owning or operating such railroad. The remaining one-half of such tax covering the six months ending with December 31 in each year shall be paid to the Commissioner on or before April 15 following, by the person or corporation then owning or operating such railroad.

(b) Not later than May 15 in each year, the State shall pay to each town wherein railroad real estate is located 50 percent of that portion of the tax revenue which has been collected upon the property of the railroad in that town for the immediately preceding taxable year. Delinquent taxes, when collected, shall be treated in the same fashion. (Amended 1971, No. 79, § 1, eff. date, see note set out below.)