Indiana Code Title 6. Taxation § 6-1.1-8-1

Sec. 1. The property owned or used by a public utility company shall be taxed in the manner prescribed in this chapter.  Property used by a public utility company consists of property which the company uses under an agreement whereby the company exercises the beneficial rights of ownership for the major part of a year.  When reference is made in this chapter to the “property of” a public utility company or to the public utility “company's property”, the reference includes the property owned or used by that company.