The Railroad Company Tax applies to individuals and corporations who own or operate railroads located in whole or in part within the State of Vermont. The tax rate is one percent of the values of appraised and improved railroad property in Vermont. Railroad property includes “all franchises, rights-of-way, roadbeds, tracks, bridges, stations, terminals, rolling stock, equipment, and all other real and personal property of whatever character used or employed in the operation of a railroad.” 32 V.S.A. § 8261.