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, the department will accept comments on the 2026 Capitalization rate study until 5 p.m. on April 2, 2026.

The department considers all the comments received prior to issuing the current year assessment notices and will post a response to each written comment received within 20 days of the close of the comment period.

Comments can be emailed to DORUtilityForms@mt.gov.