You own your water meter!
When your home or condominium construction was built the developer or you paid for the water meter, the one-half, three-quarter or one-inch connectors, the water lines in the street (your purchased right of way), as well as your fire hydrant.
This water system was built to city standards, developed by us, the taxpayers. The local water company signed off on this to meet water quality requirements. This ownership continues to future owners and goes up with inflation. Our property taxes pay for the upkeep of the right of way, which enables all of our utilities to serve us.
If 20 feet of water line has to be replaced by the water company, they do own that amount of their installation, not the property. That is the only money the local water company has committed or should be reimbursed for.