Instructions for Utility Market Value Return
Who must file
Every electric light, power, gas, water,
transportation, and pipeline doing
business in Minnesota must file a Utility
Market Value Return each year.
The return is due by March 31. We may
grant a 15-day filing extension for good
cause. (Email your request for an
extension to [email protected].)
Supporting
Documentation Required
You must also submit the following
information with your Utility Market
Value Return:
• Regulatory Information:




The appropriate Federal Energy
Regulatory Commission form
(FERC)
U.S. Department of
Agriculture-Rural Utilities
Service form (RUS)
Annual Report to Minnesota
Public Utilities Commission
(PUC) or Minnesota
Department of Commerce
(only applicable if 100% of
plant and revenues are in MN)
The company’s or parent
company’s Annual Report to
Shareholders.
• Financial Information: Income
statement, Balance sheet, and
Statement of Cash Flows, if they are
not included in your regulatory
information.
• Forecasts: including, but not limited
to income, expenses, and capital
expenditures.
• Map: Map of your service area for
the entire system.
•Source Information: You must report
the form and page number each
where you derived each figure. If
the value reported does not
reconcile, you must provide an
explanation and/or additional
statement.
•Exclusions: You must provide an
additional schedule and cite the
statute under which the property is
excluded for any exclusions (lines
52-58 and 59-78). If a statute and
schedule are not provided, we will
not allow the exclusion.
The Utility Market Value Return is
posted on our website at
www.revenue.state.mn.us. (Click
Businesses > Property Tax > Utility
Property Tax > Utility Market
Value Return and Utility Market
Value Return Instructions.)
Note: The return is in spreadsheet
format. You must complete both the
Certification Tab and the Return Tab
and submit them to our office, as
instructed below.
Certification tab
You must complete, sign, scan, and
email this tab to our office with your
return each year.
Return tab
This tab contains most of the information
for the annual return. If needed, insert
additional schedules into the spreadsheet
file to support the numbers shown on the
return. All of the figures reported should
match figures from audited financial
statements. If they do not reconcile, you
must provide explanation and/or
schedules.
Section 1 – Company Information
Provide all information as indicated for
the company filing the return.
Section 2 – Operating Revenues/
Units Sold and Metered Customer
Information (Lines 1-3)
• Leased Property
• Contributions in Aid of
Construction (CIAC)
• Land
• Intangible Plant
• Other (if providing “other” cost
information, add supplemental
schedules to the spreadsheet
itemizing the other additions)
• “Total Plant in Service for
System” figure should equal the
figure on the audited financial
statement. If not, explain in the
Comments field why the figures do
not match.
Section 4 – Non-Depreciable Plant
Costs (Lines 15-23)
Provide system and Minnesota cost
information from audited financial
statements for:
• CWIP
• Construction Completed but Not
Classified
• Leased Property
• CIAC
• Land
• Other (if providing “other” cost
information, add supplemental
schedules to the spreadsheet
itemizing the other additions)
• Total Non-Depreciable Plant Cost
figures should equal the figures on
the audited financial statements. If
not, explain in the Comments field
why the figures do not match.
Provide the following:
• System and Minnesota figures for
Operating Revenues;
• System and Minnesota figures for
Units Sold/Throughput (identify the
units sold in the Comments field –
e.g., kWh, throughput, etc.)
• Identify the number of metered
customers if applicable (specify
gas, electric, or other in
Comments field)
Section 3 – Plant Accounts (Lines 414)
Provide the following system and
Minnesota cost information from
audited financial statements:
• Plant in Service
• CWIP
• Construction Completed but Not
Classified
Section 5 – Plant Depreciation
(Lines 24-28)
Provide system and Minnesota cost
information from audited financial
statements for:
•
•
•
•
Accumulated Depreciation
CIAC Depreciation
Leased Property Depreciation
Other Depreciation (Specify –
provide evidence)
• Total Plant Depreciation figures
should equal the figures on the
audited financial statements. If
not, explain in the Comments field
why the figures do not match.
Instructions for Utility Market Value Return
Section 6 – Annual Income and
Expense Information (Lines 29-51)
Provide system and Minnesota income
and expense information from audited
financial statements for the following
items:
• Operating Revenues – If this
number does not match Line 1,
explain why in the Comments
field.
• Operating and Maintenance
Expenses
• Depreciation/Amortization
Expense
• Depreciation Expense for Asset
Retirement Costs
• Regulatory Debits
• (less) Regulatory Credits
• Income Taxes – Federal, State,
Other
• Provision for Deferred Income
Taxes
• (less) Provision for Deferred
Income Taxes
• Investment Tax Credit Adjustment
• Losses from Disposal of Utility
Plant
• (less) Gains from Disposal of
Utility Plant
• Property Tax Expense.
• Pipeline Tax Expense.
• Accretion Expense
• Additional Expense (specify) –
Please use the spaces provided and
provide a supplemental schedule,
itemizing the expenses.
• Total Operating Expenses – This
will automatically calculate
• Net Operating Income – This will
automatically calculate.
Section 7 – Minnesota Exclusions
– Non-Depreciable (Lines 52-58)
Provide the costs of non-depreciable
Minnesota exclusions for which your
company qualifies.
• Land (all land in Minnesota is locally
assessed)
• Minnesota Qualifying CWIP
• Other Non-Depreciable Excludables
– Specify and itemize. We will not
accept any “other” excludables
without an additional schedule and
statute citation.
• Total Non-Depreciable Excludables
– This will automatically calculate.
Section 8 – Minnesota Exclusions
–Depreciable (Lines 59-79)
Provide the costs of depreciable
Minnesota exclusions for which your
company qualifies. You must provide an
additional schedule for each of the items
in this section. You must also provide the
statute under which the property is
exempt. We will not accept any
excludables without an additional
schedule and statute citation.
• Land Rights
• Locally-Assessed Structures –
Non-operating structures are
locally assessed. Please confirm
with the county assessor to assure
that the structures are being
assessed and taxed.
• Office Furniture and Fixtures
• Transportation Equipment
• Stores, Tools, Shop and Garage
Equipment
• Power-Operated Equipment
• Communication Equipment
• Transportation – General Plant
• Inventory of Meters (uninstalled
only)
• Pollution Control Exemption (You
must be approved under
Minnesota Statutes, section
272.02, subdivision 10.
Thereafter, you must file an
annual Exemption Statement
under Minnesota Statutes, section
272.025, subdivision 1(b)).
• Electric Distribution Lines in Rural
Areas (pursuant to Minnesota
Statutes, section 272.02,
subdivision 19, or section 273.41
for cooperatives)
• Shop/Lab Equipment
• Office Equipment – General Plant
• General Plant Items
• Heavy Equipment
• Miscellaneous Equipment
• Other Exclusions
• Total Depreciable Excludables –
This will automatically calculate.
• Total Depreciable + NonDepreciable Expendables – This
will automatically calculate.
Market Value tab
We will review market information for all
publicly traded companies and consider
the stock and debt approach where
applicable. If the company, or parent
company, is publicly traded, you must
complete this tab.
Minnesota Rules allow up to 5%
weight to be applied to the stock and
debt approach.
Provide the following information:
• Parent Company Name
• Parent Company Minnesota Tax
ID number
• Unit Company Stock Symbol,
Number of Shares of Common
Stock Outstanding, and the 4thquarter average stock price
• Parent Company Stock Symbol,
Number of Shares of Common
Stock Outstanding, and the 4thquarter average stock price
• Unit Company Operating
Revenues – This should match
operating revenues on Line 1 and
Line 30. If not, explain why in the
Comments field.
• Parent Company Operating
Revenues
• Unit Company EBIT (from audited
financial statements)
• Parent Company EBIT (from
audited financial statements)
• Unit Total Assets
• Parent Total Assets
• Unit Current Assets
• Unit Current Liabilities (excluding
Portion of Long-Term Debt)
• Parent Market Value of LongTerm Debt
Attach a schedule to the spreadsheet
showing both the Unit and Parent
Company’s long-term debt including issues,
issue date, coupon rate, maturity date,
amount, etc.
Instructions for Utility Market Value Return
Sliding Scale Market Value
Exclusion for Electric Power
Generation Efficiency
If you qualify for a sliding scale market
value exclusion for electric power
generation efficiency, you must provide
a detailed schedule of the exclusion.
This is a market value exclusion and we
apply it to the equipment of the facility at
the parcel level (apportioned market
value level). This is not an exemption as
is therefore, not removed at the unit level
as exemptions.
Deadline
Your completed return is due March 31
each year. We may grant a 15-day
extension for good cause (email your
request to [email protected]). Our
website has more information on what
qualifies as good cause and how to
request an extension. (Click Businesses
> Property Tax > Utility Property Tax >
Extensions.)
Submission
Use of information
Submit all returns, certifications, and
supporting documentation to
[email protected].
Occasionally, some FERC files become
too large for email submission. You are
responsible to ensure that we receive
your file via PDF, a link to a website, or
some other method if necessary.
We will not consider your return
submitted until we receive all
documentation.
We use the information requested on this
form to estimate your market value. If
you do not provide the information, the
Department of Revenue may value your
property based on the best information
available.
All information requested on this form is
public.
Questions
Email questions to
[email protected] or call 651556-6091.
Penalties
Making false statements on this return is
against the law. Minnesota Statutes,
section 609.41, states that anyone giving
false information to in order to avoid or
reduce their tax obligation is subject to a
fine of up to $3,000 and/or one year in
prison.