Utilities' property tax is assessed on all real and personal property of companies that fall under the classification of "utilities," as well as railroads and pipelines. Utility companies include water and sewer companies, power companies, telephone companies, wireless telecommunication companies, and cable companies. This property tax type is assessed based on fair market value, and the department may use any accepted or recognized valuation method which reflects the property's fair market value. This includes methods within the unit valuation concept.
Property tax returns are due the last day of the fourth month from the taxpayer's accounting closing date. For example: if the taxpayer's accounting closing date is December 31, then the property tax return would be due April 30.