Ark. Code Ann. § 26-26-1613

All real and personal property, not used in the utility operation of the company as such, of any carrier pipeline, railroad, street, interurban or suburban railroad, express, sleeping car or intercounty bus line company and of any telegraph, telephone, electric power, gas, water, water transportation, or toll road or ferry company shall be listed and assessed by the county assessor of the county where the property is located at the same time and in the same manner as property belonging to individuals is by law required to be listed and assessed.