This document discusses the state-of-the-art of Internet of Things (IoT) ontologies. It begins by defining ontology and describing important design criteria for ontologies including clarity, coherence, extendibility, and minimal encoding bias. It then discusses the challenges of IoT, including large scale networks, deep heterogeneity, and unknown topology. Several existing IoT ontologies are described, including SWAMO, MMI Device Ontology, and SSN. The document concludes that while no single global IoT ontology currently exists, ontologies are needed to address the semantic interoperability challenges of heterogeneous IoT devices and domains.