N.D.C.C. § 57-06-14 — Method of valuation

The operative property of each company assessed under this chapter must be assessed in
the following manner:
1. For the purpose of determining the value of the property, the tax commissioner and the
state board of equalization shall take into consideration the earning power of the
property as shown by its gross earnings and net operating income, the market or
actual value of its stocks and bonds, the value of its franchises, rights, and privileges
granted under the laws of this state to do business in this state, and any other legally
established evidences of value as enable the board to make a just and equitable
assessment.
2. In the case of a company that owns or operates properties or lines partly within and
partly without this state, the tax commissioner and state board of equalization shall
value only the property within this state.
3. In determining the value of the portion within this state of an interconnected, or
continuous system, the tax commissioner and state board of equalization may take
into consideration the value of the entire system and of the part within this state, the
mileage of the whole system and of the part within this state, the total operating
earnings within and without this state, together with any other information, facts, and
circumstances as will enable the officers to make a just and correct assessment.
4. The board may take into consideration the reports, annual or otherwise, filed by any
company required to be assessed under this chapter with the public service
commission and shall take into consideration any valuation of such company by the
public service commission.