77771558.1-2607Virginia Decodedhttps://vacode.org2016TaxationTaxes Administered By Other AgenciesTaxation Of Public Service CorporationsGeneral ProvisionsLocal taxation of real and tangible personal property of railroadsCode 1950, §§ 58-514.2:2, 58-522; 1972, c. 813; 1978, c. 784; 1979, c. 160; 1983, c. 570; 1984, c. 675.http://law.lis.virginia.gov/vacode/58.1-2607/58.1-2604Assessed valuation/58.1-2604/58.1-2606Local taxation of real and tangible personal property of public service corporations; other persons/58.1-2606/58.1-2609Local taxation of land and nonutility and noncarrier improvements of public service corporations; other persons/58.1-2609//58.1-2607/58.1/II/26/1/58.1-260758.1-2606Notwithstanding the provisions of §§ 58.1-2604 and 58.1-2606, and beginning with assessments initially effective January 1, 1980, all assessments of real estate and tangible personal property of railroads shall be made by application of the local assessment ratio prevailing in such taxing district for other real estate as determined or published by the Department, except that land and noncarrier property shall be assessed as provided in § 58.1-2609.sectionAA1The real estate and tangible personal property (other than the rolling stock) of every railway company, but not its franchise, shall be assessed on the valuation fixed by the Department and shall be taxed by a county, city, town, and magisterial district at the real estate tax rate applicable in such respective locality.sectionBB1