(1) Owned property shall be valued at its original cost and property rented from others shall be valued at eight times the net annual rental rate in accordance with ARM 42.26.231 and 42.26.236. Railroad cars owned and operated by other railroads and temporarily used by the taxpayer in its business and for which a per diem or mileage charge is made are not included in the property factor as rented property. Railroad cars owned and operated by the taxpayer and temporarily used by other railroads in their business and for which a per diem charge is made by the taxpayer are included in the property factor of the taxpayer.

(2) See ARM 42.26.202 for definitions that are applicable to the numerator and denominator of the property factor.