Capitalization Rate Studies

We use the capitalization rate for each industry to determine the Centrally Assessed property values for companies in that industry.

Each year, we complete a Capitalization Rate Study to develop the capitalization rate of each industry. The Department will accept comments on the current year capitalization rates for 20 days after posting. We will post a response to each written comment we receive within 20 days of the close of the comment period.

2026 Capitalization Rate Study

Sections

1. Narrative & Appendix
2. Airlines – Freight
3. Airlines – Passenger
4. Pipelines – Midstream MLPs
5. Pipelines – Incorporated
6. Railroads
7. Electric Utilities
8. Telecommunications – Large
9. Telecommunications – Medium and Small

Comments

In accordance with 15-1-210, MCA, we reviewed all comments provided during the comment period and provided responses:

Comments Received:

• Comments received from AT&T
• Comments received from Northwestern Energy
• Comments received from Montana - Dakota Utilities

Department Responses:

• Response to AT&T
• Response to Northwestern Energy
• Response to Montana - Dakota Utilities