Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2017

Property Tax Annotations

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100.0000 AIRCRAFT

Annotation 100.0026

100.0026 Repair Exemption. The dismantling of an aircraft is not a modification within the meaning of Property Tax Rule 138. The other qualifying activities, repair, service and overhaul, have the purpose of keeping an aircraft in operation or returning an aircraft to operation. However, the act of dismantling has the effect of taking an aircraft out of operation. Thus, an aircraft in the state for the purpose of being dismantled is not being modified within the meaning of Rule 138 and would not qualify for the exemption. However, such an aircraft may qualify for the business inventory exemption if held for sale or lease in the ordinary course of business. C 6/29/2004.