SF 3707 requires the Commissioner of Revenue to study and prepare a report by February 15, 2019, on the methods used to value pipeline and certain public utility operating property in Minnesota. 

The report must include the following:

1. Describe prior and current methods used to value pipeline and public utility operating property;
2. Evaluate whether the current methods produce an accurate estimate of market value;
3. Compile and explain the number of pipeline and pipeline utility valuations that have been appealed over the last 20 years, and the extent to which the market value was increased or decreased, by agreement, settlement or judgment;
4. Evaluate the extent to which host political subdivisions and communities are adequately compensated under the existing property tax system for the costs imposed by pipeline and public utility systems;
5. Describe, analyze and compare the methods used to value pipeline and public utility operating property in border states; and
6. Make recommendations and prepare legislation on improvements or alternative valuation methods for pipeline and public utility operating property that produce a more accurate estimate of market value.