CODE OF VIRGINIA

ASSESSMENT BY DEPARTMENT AND COMMISSION (§ 58.1-2655)

A. The Tax Commissioner shall annually assess for local taxation the value of
the real and tangible personal property, including real property used for common
carrier purposes, of each railroad, except for nonoperating (noncarrier)
property which shall be assessed pursuant to § 58.1-3201, upon the best and
most reliable information that can be procured, and to this end shall be
authorized and empowered to send for persons and papers.  The Tax Commissioner
shall also assess upon the rolling stock of such railroads the taxes imposed by
§ 58.1-2652.

B. The Commission shall assess the average value of the rolling stock of each
motor vehicle carrier used in the Commonwealth.In the case of an interstate
carrier, the rolling stock used in the Commonwealth shall be deemed to be that
portion of the total rolling stock, owned or operated on the public highways of
the Commonwealth, multiplied by a fraction wherein the numerator is the total
vehicle miles traveled by such rolling stock in the Commonwealth and the
denominator is the total vehicle miles traveled both within and without the
Commonwealth on such operations as are related to the Commonwealth.

C. The Tax Commissioner shall assess, from the best and most reliable
information that can be obtained, upon the rolling stock of a freight car
company the taxes imposed by § 58.1-2652.

D. No local property taxes shall be imposed upon the rolling stock of a railroad
or a freight car company.

HISTORY: Code 1950, §§ 58-529, 58-558, 58-620; 1972, c. 813; 1978, c. 784;
1983, c. 570; 1984, c. 675; 1985, c. 30; 1992, c. 388.