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.
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